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And SocGen economist Omair Sharif.....>

US DATA REACT
US DATA REACT: And SocGen economist Omair Sharif also said on CPI/Fed policy
interaction that "in any case, as I have noted before" and as NY Fed Pres.
Dudley "again made clear yesterday, the Fed has been trying to take the focus
off the yr/yr (inflation) rate since Yellen's June press conference. Dudley made
the same case about the yoy being weak until next March, and stated that the Fed
is instead "thinking about it sequentially" and expects to see some more
inflationary pressure. That means they will continue to look for the 3-month and
6-month annualized rates to accelerate in the second half in order to justify a
rate hike."

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