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Goldman Sachs economists............>

US DATA PREVIEW
US DATA PREVIEW: Goldman Sachs economists projecting a rebound in inflation for
2018 due to "macroeconomic fundamentals as well as sector-specific factors." GS
sees "three key drivers of the core PCE acceleration to 1.8% by end-2018in our
forecast: a 0.15pp boost from the pass-through from higher energy prices and a
weaker dollar, a 0.1-0.15pp lift from a tighter labor market, and a 0.1pp jump
from the Verizon effect dropping out." GS expects a "broad-based pick-up across
components with significant contributions to the acceleration from wireless
services, shelter, air transportation, foreign travel, and food services and
accommodation. The bottom-up model projection for core PCE by year-end is
0.1-0.2pp above our own standing forecast. We therefore now see the risks to our
core PCE forecast of 1.8% by end-2018 as moderately tilted to the upside."

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