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The Fed's Faux Pas?

The threat of inflation diminished in July as the consumer price index fell 0.1% in July from June. Believe it or not lower gasoline prices were the major reason. Where are those gas stations by the way? The year-over-year increase in consumer prices fell to 3% from 3.3% in June.

Excluding food and energy, the two most volatile components of the index, the "core" index rose a tepid 0.1% in July. That marks the second month in a row the core number has indicated inflation is in check. The year-over-year core inflation rate declined to 1.8% from 1.9% in June.

Despite this, in its last meeting the Federal Reserve raised rates for the second month in a row. I wonder if they are getting their data from the CIA? Perhaps the filters need a little Windex.
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