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The Fed's Clearly Opaque Message

Contributed by mm | August 20, 2005 5:04 PM PST





This is the most complete reading of Fed's message I've seen for a while.

From MSN Money:

The committee's reference to inflation appeared slightly more intriguing than the one on spending, suggesting that "core inflation [excluding food and energy prices] has been relatively low in recent months and longer-term inflation expectations remain well contained, but pressures on inflation have stayed elevated." This seems more expansive compared to June's "pressures on inflation have stayed elevated, but longer-term inflation pressures remain well contained."

The qualifier appeared to be that the Fed is a little more comfortable on the behavior of core prices, despite elevated energy costs. This has also been borne out in recent economic reports. We will get another glimpse at core inflation reports in mid-August with the release of the consumer and producer price indexes for July, which we expect to corroborate the Fed's view.
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