Chasm Between Consumers and the Fed

Floyd Norris, New York TimesINFLATION in the United States is low, and seems to be going down if it is moving at all. The Federal Reserve thinks it will be years before there is any significant inflation.But that is not the way many Americans see it. Gasoline prices are on the rise as the Libyan fighting intensifies, and some food items have risen. The high price of gold — more than $1,400 an ounce — is viewed by many, including some in Congress, as proof that rampant inflation is near.

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