From: "Richard Hong" 

>> The current low inflation outside of energy costs mitigate the issue.

Bill,

That statement would appear to presume that there's a magic inflation
number which is always acceptable to be at.  I don't view it that way at
all; adding 1-1.5% to the inflation rate is bad, regardless of whether the
non-fuel inflation rate is negative, flat, or high.

Rich

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