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A Philly Fed economist said in an exclusive.....>

FED
FED: A Philly Fed economist said in an exclusive interview with MNI's Jean Yung,
that US inflation may be even lower than US government figures suggest, "if
official price-level gauges fail to account for the full impact of recent
technological innovation on productivity and output."  
- The research by Leonard Nakamura of Philadelphia Fed "suggests that
productivity growth has been underestimated in recent years, because
improvements in IT are massively understated in official data. That would mean
inflation is overestimated -- at a time when the Fed is already struggling to
explain why inflation has been softer than expected," the 17:03pm ET MNI Main
Wire story said.
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