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To: Jeff Jordan who wrote (249496)	7/11/2003 9:49:58 AM
From: zonder	Read Replies (1) \| Respond to of 436258

PPI inflation is at 2.9% for the last 12 months, as announced today. That is rather significant inflation, not deflation, as I had previously pointed out. Re "core rate" - Just like the dot.coms without real earnings who wanted to appear profitable brought us "pro-forma statemets", Fed does not want to acknowledge the inflationary price pressures that is profligate monetary policy has created and hence we get to hear more and more about "price index for expenditures excluding food and energy". So "pro forma inflation is low" (nod, wink). Nevermind that 2.9% inflation is INFLATION. It's nowhere near "deflation".