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Why Has Inflation Been So Subdued?

With unemployment low and inflation expectations creeping higher, the U.S. Federal Reserve (Fed) may hike rates two or three times in 2018, and Treasury bond yields might drift a little higher.  The big caveat is that this consensus scenario will only happen if inflation actually follows the script and starts to rise.  Dr. Janet Yellen will no longer be Chair of the Board of Governors of the Federal Reserve System (Fed); however, the Jerome Powell-led Fed and bond market participants are likely to remain just as data dependent as was the Yellen-led Fed.