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The latest inflation report out today shows the Fed’s favorite measure, the personal consumption deflator, has risen only 2.1 percent annually over the past three months, and the same 2.1 percent over the past 12 months.

The Fed’s target is 2 percent.

So, you would think Mr. Powell & Co. would at least be publicly suggesting that they have made it to home plate.

And it sure makes you wonder about the Fed’s jumbo rate cut more than six months ago, when the inflation rate was almost a full percentage point higher than it is today.

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