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      "text": "..so a rise to average near 2% is likely persistent, the rest is transitory.",
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      "text": "Persistent or transitory? Short answer is both. Long answer, how much of each....\nInflation in the developed world has accelerated to a multi-year high as economies have begun to recover from the pandemic\nSome argue this is the beginning of sustained secular shift to higher inflation rates: policy stimulus is too large, and fiscal pressures mean pressures on central banks will erode their independence.\nTo some extent higher inflation would be welcome and is something central banks are actively trying to achieve. Low inflation brings its own problems.\nHumility is needed – empirical models of inflation leave a lot unexplained. There are lots of potential sources of uncertainty and possible policy errors. But we are not persuaded inflation will be troublingly high for long.....\n..so a rise to average near 2% is likely persistent, the rest is transitory.",
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