Pianalto on economic conditions & monetary policy

In the speech 'Economic conditions and monetary policy' given on 12 June Sandra Pianalto of the Federal Reserve Bank of Cleveland said recent news on US inflation has been troubling, but if the economy moderates as forecast, an interest rate at 5% is near a point that will gradually improve the inflation outlook.

"The core CPI (consumer price index excluding food and energy) has increased at an annualized rate of more than 3 percent during the past three months. This inflation picture, if

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