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That price growth looks much slower when one considers core inflation over a shorter time frame. While it’s possible inflation will pick back up, he writes, “there would be little downside to the Fed waiting a few months,” especially given global head winds, a drop in the S&P 500, rising interest rates and a strengthening dollar. Jared Bernstein, who was Vice President Joe Biden’s chief economist and is now a senior fellow at the Center on Budget and Policy Priorities, said the Fed should worry more about the consequences of undercutting demand with a rate hike than about the consequences of letting inflation rise a bit above the Fed’s target. Bernstein a.

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