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Reuters
Inflation miss puts central bankers on back foot
Thomas Barkin, Richmond Federal Reserve President, was poring over the latest inflation-related data one morning this June after breakfast with bank interns when he saw an alarming sign. Barkin said the data, which triggered a U.S. bond market sell-off, prompted him in a call with Federal Reserve chairman Jerome Powell to give his support for a bigger interest rate increase than the one the Fed had all but promised to announce days later. “Move as fast as possible without breaking things,” Barkin said in an interview last month of his message to Powell.
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