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Quote by Lisa D. Cook
So, one year ago, we faced weakening employment and output forecasts as well as a small, but temporary, step-up in above-target inflation.
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The speaker recalls that, a year earlier, the outlook for employment and economic output had weakened. At the same time, inflation rose slightly above its target, but only for a short period. The sentence presents these as two conditions occurring together: a less positive growth outlook and a temporary inflation increase.
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- Board of Governors of the Federal Reserve System
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- Speech
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