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Where’s that inflation?

I’ve been saying for a year now that inflation is down the road. I had predicted that we’d start seeing the first signs of it by the end of 2009. And I had said, in anticipation of inflation, the Fed would start raising interest rates, in order to draw out all the money it and the rest of what the federal government has pumped into the economy since the fall of 2008.

But… there’s no apparent inflation yet. The CPI – however accurate that is – has increased at between .2 and .4 percent in July, August, and September.

As a result, the Fed has contented itself with keeping interest rates low. But this can’t last forever can it?

Where’s the inflation? Someone smarter than I please chime in.

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