2017-07-13 —

``Federal Reserve Chair Janet Yellen's prepared testimony for her semi-annual report to Congress made clear that central bankers are struggling to understand the recent downward trend in inflation. Still, it is important to remember that the path of monetary policy depends not just on inflation, but also on unemployment. Yellen knows this, and it would be a mistake to interpret her comments as a dovish turn that puts in doubt the Fed's expected policy path for the remainder of this year and in 2018.''

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