The disappointing March report on consumer price inflation is the fodder for this week’s Inside Economics podcast. The team considers just how big of a disappointment it was, and conclude it turns on second and third significant digits. Yes, that’s what it has come to when assessing just when Fed officials will feel sufficiently confident that inflation is headed back to their target and begin to cut rates. Of course, there are threats to the inflation outlook, most immediate being higher oil prices, which the group takes up.

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