Fed's Bies on productivity and economic outlook

In the speech 'Productivity and economic outlook' given on 18 January Susan Schmidt Bies of the Federal Reserve said last fall's inflation scare has eased somewhat, and the core U.S. inflation rate is at a manageable level.

"Clearly with core inflation being below 2%, we are in a range that we want to stay in," she said.

Although energy prices spiked after the Gulf Coast hurricanes, the increase hasn't passed through to other prices. "The fact that the blip has modified itself is a good sign

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