Guynn on the next stage of the housing cycle

In the speech 'Adjusting to the next stage of the housing cycle' given on 7 June Jack Guynn of the Federal Reserve Bank of Atlanta said core inflation may have already breached its acceptable upper level and the Federal Reserve must be ready to reset policy if the outlook has indeed changed.

"Core inflation, which excludes volatile food and energy costs, has moved into the upper end of -- or beyond -- the range I consider acceptable over time," Guynn said in the speech.

"If we're on target with

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