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Phelps Says Fed Must Get Inflation Rate Back Up to 2%

The Federal Reserve should strive to ensure that the inflation rate returns to its goal of about 2 percent, said Nobel-prize winning economist Edmund Phelps.

“What is a central bank for if it’s not to ensure price stability and stability of the inflation rate?” Phelps, a professor at Columbia University in New York, said today in a radio interview on “Bloomberg on the Economy.” He added that the inflation rate is “quite submerged” relative to the central bank’s goal.

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