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Fischer: U.S. Inflation Developments
I am delighted to be here in Jackson Hole in the company of such distinguished panelists and such a distinguished group of participants. I will focus my remarks today on forces--domestic and international--that have been holding down inflation in the United States,1 and some of the consequences of recent--primarily international--developments. Although the economy has continued to recover and the labor market is approaching our maximum employment objective, inflation has been persistently below 2 percent. That has been especially true recently, as the drop in oil prices over the past year, on the order of about 60 ... (full story)