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The future of computing
Inflation is rising, but households have yet to notice
IT IS a tough time to be a central banker. On March 8th the IMF called for more stimulus globally to see off a lack of demand in the world economy. On the same day economists at the Peterson Institute, a think-tank, issued a report that was labelled a “reality check”, arguing that fears for the world economy were overblown. (One of the report’s authors, Olivier Blanchard, was until last year the IMF’s chief economist.) The disagreement reflects conflicting signals that the Federal Reserve must untangle at its next meeting, which begins on March 15th.
When the Fed raised interest rates by a quarter-point in December, after seven years without a change, inflation was still in the doldrums. According to the central bank’s preferred measure, prices were rising by just 0.5% a year. The Fed raised rates anyway: Janet …
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