Haunted by Deflation Omen, Bond Traders Warn of Fed Misstep

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One reason consumer prices have barely budged this year is that Americans can’t seem to get the pay raises to enable them to spend more. In 2015, hourly earnings have risen just 0.2 percent on a monthly basis.

Photographer: Luke Sharrett/Bloomberg

Yusuke Ito knows all about the follies of inflation hawks.

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