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An ‘Ugly’ Inflation Report Upended Hopes That Price Gains Would Ease



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Friday’s inflation report delivered an unwanted surprise for the White House, Federal Reserve and investors.While many economists and some administration officials had expected prices to show some signs of cooling, they got the opposite: a re-acceleration in price growth that makes it more likely the Fed is going to have to slam the brakes on the economy as it looks to slow the fastest pace of inflation in 40 years.As one left-leaning think tank put it, the report was “pretty ugly.”The news dispelled the notion that inflation may already have peaked and poured more fuel on the Biden administration’s biggest domestic policy vulnerability, politically and economically, as midterm elections approach in the fall.It also raised the chances that the Fed, which has alre …

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