Last year’s bout of weak inflation figures really was transitory, just like Janet Yellen said

Janet Yellen can take a victory lap about inflation on her way out as Federal Reserve chairwoman. She has been saying the weakness in last year’s inflation readings was transitory, and she was right.

That clears the way for the Fed to raise rates at least the three times it expects to this year. That would surprise investors who have been skeptical of inflation and higher rates.

The...

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