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Fed officials stay focused on inflation battle
Cat : Euro/ Dollar
Date : 2006-06-13 12:28:52                      Reader : 476
Increasing profit rate from time to time more than twelve times is like morphine for  a painful body . In fact it is not a solution but accumulation  of  deficits that will  lead one day to total collapse of US economy. All due to new
cons policy of wars against the invisible.  
Fed officials stay focused on inflation battle
By Ros Krasny
NEW YORK (Reuters) - Federal Reserve officials kept up their tough talk on inflation on Monday, bolstering expectations in financial markets that another rate increase is on the way at the Fed's policy meeting later this month.
Views have been hardening that the Federal Open Market Committee will opt for a 17th straight rate rise at its June 28-29 gathering, pushing the federal funds rate to 5.25 percent in a bid to cap a recent worrisome climb in U.S. prices.
"The core CPI (consumer price index excluding food and energy) has increased at an annualized rate of more than 3 percent during the past three months. This inflation picture, if sustained, exceeds my comfort level," Cleveland Fed President Sandra Pianalto, a voting member of the FOMC this year, said in a speech in Orlando, Florida.
Still, she said if the economy moderates as forecast, a federal funds rate of 5 percent is near a point that will gradually ease inflation.
Fed Governor Susan Bies, speaking in Washington, offered a similar prognosis, saying U.S. rates were generally in the range they need to be, although she was still not sure where they would peak.
"If you asked me today, 'Sue, where are you going to stop?' I couldn't tell you, because we're in the range that we need to be, I think," Bies said in answer to a question after speaking on banking issues at the Financial Women's Association.
After two years of rate increases, the U.S. economy is at a turning point that leaves the central bank extremely dependent on incoming data and whether it accords with forecasts for slower growth, she said.
Arguably, the biggest piece of economic news between now and the next FOMC meeting will be the May CPI report, due on Wednesday.  

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