Federal Reserve Mussalem: Without further policy tightening, inflation may still be well above the 2% target after 18 months. Business contacts said they are planning to limit the price increase to “close to 3%.” Even when supply-side factors are excluded, the inflation rate is still as high as 3%. Instead of raising interest rates sharply later, it is better to raise interest rates as soon as possible and gradually. The commodity impact is not limited to oil, but also includes basic metals such as copper.

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