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U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers.
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Fed policymakers “have no tolerance for persistently elevated inflation,” Kevin Warsh said in written remarks.
The price spike seen this summer is beginning to fade as coronavirus cases start to increase.
The Federal Reserve expects inflation to finish this year noticeably below its 2% target, a trend that could make it more likely policymakers will cut short-term interest rates in the coming months.