The Latest Price Data Aren't Doing Fed's Inflation Outlook Any Favors

Costs of health care and financial services are looking weak
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Central bankers are pretty close to their goal of full employment, which they estimated last month would be consistent with an unemployment rate of 4.9 percent.

Photographer: Simon Dawson/Bloomberg

Federal Reserve policy makers say they need to be "reasonably confident" inflation will move back to their 2 percent target before raising interest rates. That confidence took a blow on Wednesday.

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