"If we were worried, and thinking we were undershooting inflation, undershooting maximum sustainable employment, then we would obviously look for an OCR change...that is the implication," he said.
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Imports dropped by 2.53 percent, undershooting a predicted 0.2 percent fall.
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Imports dropped by 2.7 percent, undershooting a predicted 0.2 percent fall.
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But the numbers have been undershooting that target continuously since 2012.
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IMF SAYS UNDERSHOOTING OF EURO ZONE'S INFLATION OBJECTIVE CALLS FOR PROLONGED MONETARY ACCOMMODATION
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Annual growth was 2.5 percent, undershooting market expectations for a steady 2.7 percent.
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Inflation is also perking up after six years of undershooting the Fed's target.
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The 10-year rate has continuously been undershooting what predictions were from the Street.
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But it is troublesome for central bankers who are already undershooting their inflation targets.
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In the year through early February inflation was 3.52%, just undershooting the forecast of 3.57%.
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In a speech last month Mr Haldane pointed out that "wage forecasts [are] no longer undershooting".
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It does turn out that because inflation is undershooting that that's a fine thing to do.
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Inflation has hit that Fed target in recent months after more than six years of undershooting.
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Output rose 0.5 percent month-on-month in April, undershooting all forecasts in the Reuters poll.
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A total of 10,800 net new jobs were created in April, slightly undershooting forecasts of 12,500.
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"It could take a considerable undershooting" of the equilibrium unemployment rate to do so, she said.
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In December, the retail sales growth of 9.4 percent was the slowest since February 2006, undershooting forecasts.
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If after years of undershooting, inflation surpasses the Fed's 2% target, that would not be a disaster.
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That followed data showing the country's all important manufacturing sector had significantly slowed, badly undershooting economists' expectations.
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But economy-wide prices are lukewarm with inflation consistently undershooting the RBA's 2%-3% medium-term target.
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Inflation cooled to 2.99% during the period, undershooting the 3.03% consensus forecast of economists polled by Reuters.
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The Riksbank targets 2 percent inflation and has been widely criticised for undershooting that goal for several years.
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Economic growth slowed to 0.5 percent in the first three months of this year, undershooting the RBNZ's forecast.
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The core PCE is the Fed's preferred inflation measure and has been undershooting its 2 percent target since 2012.
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The Federal Reserve has been consistently undershooting its own 231 percent inflation target since it was adopted in 2000.
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Seasonally adjusted exports rose 20163 percent in November, undershooting expectations in a Reuters poll of a 22016 percent increase.
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In 62.12, GDP growth is seen picking up to 262.25%, the poll showed, undershooting 269.00% growth recorded in 22018.
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BOE MAY NEED TO CUT RATES AND DO MORE QE IF RISKS OF PROTRACTED WEAK GROWTH AND INFLATION UNDERSHOOTING MATERIALISE
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Inflation is undershooting noticeably and therefore the logical conclusion from that is that the central bank can cut interest rates.
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Industrial production tumbled by 3.5% on the month, undershooting expectations for a 0.2% fall, data from the Statistics Office showed.
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On the year, retail sales fell by 1.4 percent, undershooting a Reuters consensus forecast for an increase of 2.8 percent.
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U.K. inflation for October has come in at 0.9 percent year-on-year, undershooting the 1.1 percent forecast by economists.
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Secondly, there would have to be signs that inflation is either undershooting the Fed's 2 percent target or even decelerating.
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Separate Statistics Office data showed industrial output increased by 0.3% on the month, undershooting the forecast for a 0.4% rise.
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Manufacturing saw its index drop slightly however, falling to 54.0 from 55.1, undershooting expectations for a slight increase to 55.2.
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"The costs of a long period of inflation undershooting continue to exceed those of a temporary overshoot," the IMF said.
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"Many participants judged that the risk of a sizable undershooting of the longer-run normal unemployment rate had increased somewhat and that the Committee might need to raise the federal funds rate more quickly than currently anticipated to limit the degree of undershooting and stem a potential buildup of inflationary pressures," the minutes said.
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Weekly sales as reported by USDA have been particularly sluggish over the last month, undershooting the trade estimates almost every time.
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Average sales prices fell 9 percent from the preceding quarter, undershooting analysts' estimates, presumably implying a lower ratio of Xs sold.
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"It appears a low-quality beat and the continued undershooting of Entresto and Alcon could offset the initial positivity," he said.
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Analysts say that a so-called market rebalancing is now well underway, meaning that demand is no longer undershooting available supply.
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Nintendo sold 16.95 million Switch hardware units in the year just ended, slightly undershooting its revised forecast of 17 million units.
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George argued against calibrating monetary policy to try to overshoot the Fed's inflation target in order to make up for past undershooting.
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Data from the Economy Ministry showed industrial output dropped by 0.9 percent, undershooting a Reuters forecast for a fall of 0.5 percent.
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Most Fed policymakers say such data gives them increasing confidence that inflation will eventually reach the Fed's goal after years of undershooting.
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That would mean two straight months that inflation has hit the Fed's 2 percent target rate after undershooting it for six years.
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WE'VE BEEN, I'VE BEEN ADVOCATING FOR SIMULATIVE MONETARY POLICY BECAUSE WE'VE BEEN UNDERSHOOTING OUR INFLATION TARGET FOR FIVE YEARS IN A ROW.
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I'm very aware that we're undershooting inflation, but my team believes we're going to get to 2 percent in the medium term.
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Separate Statistics Office data showed industrial output increased by 0.3% on the month in May, undershooting the forecast for a 0.4% rise.
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But sovereign investors were less optimistic about the outlook for 2018, expecting to make 5.8 percent - undershooting their targeted return of 6.5 percent.
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Another is that fewer central banks than in the rich world—a little more than half of the total—are undershooting their targets.
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Inflation is undershooting the central bank's target and inflation expectations continue to decline, despite a 20% depreciation in the exchange rate this year.
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Among them, Inner Mongolia, Tianjin, Hainan, Heilongjiang, Jilin and Xinjiang fared more poorly than others, undershooting their goals by at least 1 percentage point.
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Speaking about inflation, Orr said any undershooting in the consumer price index data due to be released on Wednesday has already been factored in.
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A survey showed that the Italian services sector contracted in January after two months of marginal growth, undershooting expectations that it would be flat.
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A "sizable undershooting" on unemployment, if it happens, would constitute an outright failure by a central bank unless, of course, the rules have changed.
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All that undershooting has depressed market-based measures of inflation expectations, which suggest the public expects inflation to remain below target for some time.
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But India will still worry more about overshooting its target than undershooting it, and America will still probably harbour the opposite set of concerns.
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Or alternatively, Mr. Trump did less, significantly undershooting expectations of a more presidential performance, and thus hurting his chances of winning the White House.
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Results undershooting the market's expectations caused some big pullbacks in share prices, with investors particularly impatient with earnings misses in this high-valuation environment.
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With growth slowing and inflation undershooting the ECB's target for years, the bank has all but promised fresh stimulus when policymakers meet on Sept.
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With growth slowing and inflation undershooting the ECB's target for years, the bank has all but promised fresh stimulus when policymakers meet on Sept.
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The Fed hasn't hit its price goal sustainably or symmetrically — meaning that overshooting is as common as undershooting — since formally adopting it in 2012.
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Contracts for 'Made in Germany' goods were up 0.6 percent, figures from the Federal Statistics Office showed, undershooting a consensus forecast of 1.5 percent.
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The Bureau of Labor Statistics fell to 5.81 million job openings in December, undershooting forecasts of 5.9 million from a survey of Reuters economists.
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"Inflation has been undershooting RBI's 4 percent target consistently," Maneesh Dangi, co-chief investment officer at Birla Sun Life Asset Management Company, told Reuters.
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Inflation in the 19-country euro zone rose into line with the ECB's target of just under 2 percent in February after years of undershooting.
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The Fed's preferred measure of inflation is now effectively at the central bank's 2 percent target rate after undershooting that goal for almost six years.
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The U.S. unemployment rate stands at an 18-year low while inflation has largely met the Fed's 2 percent goal after six years of undershooting.
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Core machinery orders fell 3.2 percent in January, sharply undershooting the economists' median estimate of a 0.5 percent increase, Cabinet Office data showed on Monday.
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Sentix's index for the euro zone dropped to 24.0 in March from 31.9 in February, undershooting the Reuters consensus forecast for a reading of 13.
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The Fed's preferred measure of inflation has finally reached the Fed's 2 percent target rate this year after more than six years of undershooting it.
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"The undershooting of the inflation objective calls for prolonged monetary accommodation," the Fund said, welcoming the central bank's plans to maintain its easy-money policy.
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For one thing, the Fed was not able to deliver 0.43 percent inflation during the recovery from the Great Recession, and kept undershooting that target.
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An inflation gauge favored by the Federal Reserve has finally reached the Fed&aposs 2 percent target for annual increases after six years of undershooting it.
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On the year, retail sales jumped by 2.8 percent, matching the previous month's increase but undershooting a Reuters consensus forecast for an increase of 3.2 percent.
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Separate data published by the Federal Statistics Office showed exports fell unexpectedly by 0.5 percent in January, undershooting a Reuters forecast for a 0.3 percent increase.
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The tightening labor market encouraged the Fed to raise interest rates three times last year despite inflation persistently undershooting the U.S. central bank's 2 percent target.
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That has helped provide a more accurate view of the current landscape in the state -- a landscape Kasich's team believes most current public polling is undershooting.
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"Failure to recognize these lags could lead to an overtightening of policy, a downturn in economic growth and an undershooting of our inflation objective," she said.
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The country is likely to see vehicle sales drop again this year, undershooting earlier expectations for zero growth, according to the China Association of Automobile Manufacturers.
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In other words, after a decade of undershooting, it may take more than just words to show that the Fed is serious about achieving its goals.
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The administration's emergency funding request itself has been panned by Democrats as inadequate, and by Republicans who have warned it may be undershooting the real needs.
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The law would crack down on cities that undersupply housing by expediting approval for new building projects in municipalities that are undershooting their housing goals. Gov.
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Governor Adrian Orr had told Reuters on Monday that the likelihood of the CPI undershooting its published forecasts had largely been factored into that dovish policy turn.
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First-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 1.67 billion Danish crowns, undershooting the 1.75 billion estimated by analysts polled by Reuters.
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The annual growth rate of the M3 measure of money supply, which often serves as an indicator of future activity, plunged to 5.0%, undershooting expectations for 5.5%.
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After years of persistently undershooting its 2 percent goal for inflation, the Fed explicitly, if subtly, raised the possibility on Wednesday of erring in the other direction.
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The consumer price index rose 0.4 percent in March from a year earlier, Statistics Korea said on Tuesday, undershooting 1.753 percent price growth tipped in a Reuters survey.
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Sales of its best-selling Victoza drug came in at 11.7 billion Danish crowns ($1.82 billion) in the first six months, undershooting the 63 billion expected by analysts.
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The electric automaker said Tuesday that it delivered just 76,230 of its Model S and Model X vehicles in the last year, undershooting its promised 80,000 to 90,000.
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Three-quarters of business economists say they are more worried about growth undershooting their forecasts than overshooting it, and half have revised those forecasts downward for this year.
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The direct cost of mildly undershooting the Fed's inflation target is low, favoring creditors over debtors, for example, but it's not likely to cause any broad economic distress.
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And the Core PCE index, the Fed's preferred measure of inflation, hit the Fed's 2 percent target earlier this summer after undershooting it for the past six years.
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"If we were to get some answers on trade, let's say in the first quarter of this year, we may be undershooting in terms of our estimates," he added.
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The statement also stressed the need to extend highly accommodative monetary policy for an extended period, given the continued undershooting of real inflation and inflation expectations in the Eurozone.
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Data showed prices rose 1.1% year-on-year after increasing 1.5% in June, undershooting Reuters forecasts for 1.3% and off the ECB's near 2% target for the euro zone.
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Activism also directs reporters' attention to research that suggests that there's more room for economic expansion — and why the risks of undershooting growth targets outweighs the risks of overshooting.
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Frydenberg also ruled out requiring the RBA governor to explain any undershooting or overshooting of the inflation target, as is required of the governor of the Bank of England.
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What is worrisome is not direct economic damage, but the fact that the Fed has missed its (arbitrary) 2 percent target in the same direction — undershooting — year after year.
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The Swiss company, which makes piping and ceramic products for bathrooms, reported fourth-quarter sales of 702 million Swiss francs ($727.99 million), undershooting Refinitiv estimates of 713 million francs.
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The Swiss company, which makes piping and ceramic products for bathrooms, reported fourth-quarter sales of 702 million Swiss francs ($727.99 million), undershooting Refinitiv estimates of 73 million francs.
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Inflation eased to 1 percent in January, the slowest in 17 months, decelerating from December's 1.5 percent and undershooting the 1.3 percent seen in a Reuters poll of economists.
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Industrial output edged up by 0.3 percent in October on the month, the data showed, undershooting the consensus forecast in a Reuters poll for a rise of 0.8 percent.
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In recent weeks, Fed officials have broadly agreed that while inflationary pressures have been muted, they are also concerned about the possibility of undershooting the central bank's 2% inflation target.
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"Sterling appears overvalued verses the dollar (and) the soft dataflow, in addition to the upcoming political risk, suggests that there is scope for another period of sterling undershooting," they wrote.
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That meant earnings would be flat for the 12 months to March 31, 2019, undershooting a consensus forecast for profit to grow by 13 percent according to Thomson Reuters data.
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Gross domestic product (GDP) in Europe's biggest economy was unchanged on the quarter, the Federal Statistics Office said on Thursday, undershooting expectations in a Reuters poll for 0.1 percent growth.
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Japan's overall imports rose 1.1 percent in the year to March, undershooting the median estimate for a 2.6 percent annual increase, resulting in a trade surplus of 528.5 billion yen.
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"Sterling appears overvalued versus the dollar (and) the soft dataflow, in addition to the upcoming political risk, suggests that there is scope for another period of sterling undershooting," they wrote.
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Though the general tone was that inflation would continue to rise, there was disagreement over how confident the Fed should be after undershooting its 2 percent target for so long.
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If a year from now you're at the conference and we're still undershooting on inflation and wages and salaries went down, then I have to come up with another explanation.
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This then is the big picture: Over the past year, investors worldwide have been pleasantly surprised by an unusual combination of economic growth beating their expectations and inflation undershooting expectations.
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The U.S. unemployment rate is 3.9 percent, a 17-1/2-year low, while inflation is now effectively at the Fed's 2 percent target after years of undershooting that level.
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Most economists think inflation neared the BoE's 2 percent target last month, after undershooting it for three years which helped support households' disposable income during a period of lacklustre wage growth.
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"As much as the end of last year was about overshooting and too much euro-phoria, recent data could be the result of undershooting," Brzeski wrote in a note to clients.
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Falling output from Venezuela and the prospective reduction in exports from Iran have highlighted how far OPEC and its allies are in danger of undershooting their collective production target for 2018.
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The index for non-manufacturers fell to plus 21 from plus 24 in the December survey, hitting the lowest level since March 2017 and undershooting a market forecast of plus 22.
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In this regard, over the last five years, the two big democracies – Nigeria and South Africa – have failed, with their economies consistently undershooting their respective 2.6% and 1.3% population growth rates.
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Monday's IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 55.9 from a downwardly revised 56.7 in August, undershooting the consensus of 56.4 in a Reuters poll of economists.
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If the Fed wanted to make up for this consistent undershooting of inflation, the core PCE in theory could run at a 2.5-percent annualized rate over the next seven years.
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The Australian dollar fell more than 1 percent to $1.46403 after data showed Australia's consumer prices unexpectedly fell 0.2 percent in January-March, undershooting median forecast of a 0.3 percent rise.
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The importance of the figure can't be understated: The ECB targets this figure and has spent trillions of euros to cut borrowing costs because it is undershooting its aim of almost 2%.
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"We have been undershooting two percent for so long...I take it as necessary to go above two (under the current system) to be presumed to have credibility," for any new framework.
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"At a minimum, unemployment is not so far below its natural rate that overly high inflation is an urgent threat," Evans said, noting that inflation has been undershooting the Fed's 2% target.
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For the third quarter Fuji Heavy posted an operating profit of 98.28 billion yen, down from 150.64 billion yen a year ago and undershooting a median analyst forecast for 109.9 billion yen.
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BRASILIA (Reuters) - Brazil's primary deficit for the central government was 5 billion reais for January to April, undershooting expectations of a 27 billion reais deficit, Treasury Secretary Mansueto Almeida said on Friday.
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After years of undershooting, inflation was nudging the 2 percent target in December, while other domestic data has prompted analysts to forecast economic growth this year near 3 percent - well above trend.
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She also appeared to support the ECB's interpretation that its inflation target is symmetrical, which would mean that after a period of undershooting the target, it could accept a period of overshooting.
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She also appeared to support the ECB's interpretation that its inflation target is symmetrical, which would mean that after a period of undershooting the target, it could accept a period of overshooting.
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That undershooting has been a key rationale for the Fed's keeping interest rates low — its aim is to boost economic growth and thus help get inflation up to the 2 percent target.
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Net trading income fell 35 percent to 1.1 billion crowns, undershooting the 1.5 billion expected by analysts, with the bank saying "global uncertainty and investor reticence contributed in particular to a weaker development".
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Japanese retail sales rose 1.4 percent in the year to November, slowing sharply from the 3.6 percent increase seen in October and undershooting a 2.2 percent gain expected by economists, separate data showed.
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"The reason why a number even in line with expectations can be quite bearish (for sterling) is because it's undershooting the Bank of England's forecasts," said BNP Paribas currency strategist Sam Lynton-Brown.
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The consumer price index rose 1.0 percent in January from a year earlier, Statistics Korea said, decelerating from December's 1.5 percent and undershooting the 1.3 percent seen in a Reuters poll of economists.
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Chicago Federal Reserve Bank President Charles Evans said on Wednesday that one rate hike may be appropriate this year, despite his worry that inflation is still undershooting the U.S. central bank's 21.56 percent target.
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Separate figures from the Federal Statistics Office showed both exports and imports had fallen unexpectedly by 0.5 percent in January, undershooting a Reuters forecast for a 0.3 percent increase in exports and stagnating imports.
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While inflation is now effectively at the Fed's 2 percent target after years of undershooting that level, policymakers noted that it was premature to conclude that inflation would remain at levels around two percent.
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The Fed's preferred measure of inflation increased to 1.9 percent in the 12 months through March, effectively bringing price gains to the central bank's 2 percent target after undershooting that goal in recent years.
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Any significant undershooting of Beijing's 6.5 percent growth target would put pressure on the U.S. and emerging market economies, as well as commodities and the exchange rates of the Chinese and other emerging market currencies.
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Earlier this week, Chicago Fed President Charles Evans offered a lukewarm endorsement of an interest rate increase later this year, despite his worry that inflation is still undershooting the U.S. central bank's 2 percent target.
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On current trends, the standards will fall short of their fuel consumption and emissions goals, so the agencies will have to decide whether to tighten them or accept the risk of undershooting the 2025 targets.
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Notwithstanding all the Fed's talk about "low-flation" and undershooting its phony 2.00% target, American workers have had to push their nominal wages higher and higher just to keep up with the cost of living.
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Policymakers also concluded last month that domestic cost pressures continued to build and broaden, indicating that inflation would rise, moving back toward the bank's target of almost 2 percent after undershooting it for over five years.
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Given that the polling error on the generic ballot has averaged 4.8 points since 673, our back-of-the-envelope calculation suggests that the chances of the polls undershooting by two points or more is 34%.
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"When risk aversion picks up, volatility picks up, capital flows tend to dry up and you get risk of undershooting on the exchange rate," said Ben Randol, senior FX strategist at Bank of America Merrill Lynch.
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Policymakers also concluded last month that domestic cost pressures continued to build and broaden, indicating that inflation would rise, moving back towards the bank's target of almost 2 percent after undershooting it for over five years.
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Inflation in the 8.23 countries sharing the euro eased to 2.0 percent from 2.1 percent in July, Eurostat said on Friday, undershooting expectations for a steady rate, as the pull from energy and food prices eased.
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Australia's first-quarter consumer price index (CPI) data is due at 0130 GMT and analysts polled by Reuters expect core inflation to come in around 1.7 percent - undershooting the central bank's 2-3 percent target band.
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Worryingly for the RBA, first-quarter data due next week is expected to show core inflation further cooled to 1.7 percent from 1.8 percent in the previous quarter, undershooting its 2-3 percent mid-term target.
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On balance, the two counts have run close through 2019, with the mean, or average, monthly ADP count topping the government by 5,800, and the median, or midpoint, total undershooting the Labor Department's tally by 16,000.
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With tax revenues seen undershooting the government's forecast this year, calls for bigger fiscal spending heighten the chance Japan will issue more bonds and further delay progress in reining in its huge public debt, analysts say.
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"I have been kind of forecasting inflation to go up to 2% for quite a while and we have been undershooting," said Mester, who assumes a voting role this year on the Fed's policy-setting committee.
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Yiannis Stournaras, governor of the Bank of Greece, said the country was likely to achieve a budget surplus, excluding debt servicing costs, of 2.9 percent of gross domestic product, undershooting a 3.5 percent target set by lenders.
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She went on to signal to financial markets that the Fed is not inclined to sit by passively and let a large fiscal stimulus plan cause an undershooting in the unemployment rate and significant overshooting in inflation.
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While the general sentiment was that inflation would continue to rise toward the 2 percent target, there was disagreement over how confident the Fed should be after years of undershooting, and what that would mean to policy.
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And there are signs of weakness in the United States, where chief executives see investment, hiring and sales growth all slowing this year and business economists say the risks of undershooting economic growth are higher than overshooting.
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"We've gone from the last meeting where there were a few members worried about inflation undershooting 2 percent for a while, and that group is now many," said Richard Franulovich, senior currency strategist at Westpac Banking Corporation.
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While Japan Post Holdings' annual results managed to beat analysts' estimates, its forecast for profit sliding by a quarter to 320 billion yen ($2.9 billion) this year was surprisingly weak - undershooting a market consensus of 384 billion yen.
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In fact, George said, low inflation is of little concern to anyone but financial market participants and economists who fear that the central bank is undershooting its 2 percent target and thus should ease policy to boost activity.
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She said there were merits to a proposal by former Fed Chairman Ben Bernanke for the central bank to hold off on rate increases until inflation rises above target, making up for a period of undershooting the target.
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"The prize of opportunistic tightening comes at a price: By hiking rates and starting balance-sheet runoff when inflation keeps undershooting, the Fed risks cementing inflation expectations firmly below target," Fels wrote in a blog post for Pimco.
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Tweaking the ISO (something I often do because I usually shoot in full manual mode) became a game of unlocking the bar, overshooting/undershooting the setting I wanted, accidentally brushing it again, and then still failing to select it.
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The impact of the crash in prices of vegetables, including onions, tomatoes, cauliflower, cabbages, is expected to last at least until June, which in turn will lead to inflation undershooting RBI's projection of 5.1-5.6 percent for April-September.
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The Frankfurt-based Sentix research group's index, tracking morale among investors and analysts in the euro zone, fell to 9.6 in January from 15.7 in December, undershooting the consensus forecast in a Reuters poll for a reading of 18.13.
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" Chicago Federal Reserve Bank President Charles Evans said on Wednesday that one rate increase might be appropriate this year, despite his worry that inflation is undershooting the Fed's 2 percent target, because "the real economy is doing quite well.
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STOCKHOLM, June 27 (Reuters) - Swedish fashion retailer H&M reported on Thursday a slight drop in fiscal second-quarter pretax profit, just undershooting market expectations, and said sales of its summer collections had gotten off to a good start.
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SYDNEY, Aug 10 (Reuters) - The head of Australia's central bank on Wednesday said he favoured retaining the current inflation target of 2 percent to 3 percent and warned against lowering it just because actual inflation looked like undershooting for a while.
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For the eurozone, Pimco said its baseline is for trend-like GDP growth in a below-consensus 1 percent to 1.5 percent range and a continued significant undershooting of the European Central Bank's "below-but-close-to-2 percent" inflation objective.
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The Riksbank has been under fire for years for undershooting its 2 percent inflation target and an independent report by former Bank of England Governor Mervyn King and U.S. economist Marvin Goodfriend recommended extensive changes to the central bank framework.
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Retail sales rose 2.0 percent in May from a year ago, data from the Ministry of Economy, Trade and Industry showed on Thursday, versus 3.2 percent in April and undershooting the median estimate of 2.6 percent growth in a Reuters poll.
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TOKYO, May 9 (Reuters) - Subaru Corp on Tuesday forecast a flat operating profit this year, undershooting market estimates and sending its share price lower, as the Japanese automaker expects rising incentive-related costs and research expenses to offset higher sales.
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Despite first-quarter GDP coming in at 24.5 percent and undershooting the BOE's February estimate that the figure would hit 22020 percent, the central bank's forecasters have only reduced the outlook for 2017 growth to 1.9 percent from 2.0 percent.
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BRIPCY=ECI That should bring some relief to the central bank, which has struggled to get inflation back to its target range of 4.5 percent, plus or minus 1.5 percentage points after undershooting it for the first time ever last year.
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Suzuki posted an 82 billion yen ($726 million) operating profit in the July-September period, down from 87.81 billion yen a year ago, and undershooting a mean estimate of 93.77 billion yen in a poll of 10 analysts, according to Refinitiv data.
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The problem is that the ECB is undershooting its near 2 percent inflation target for the fifth year running and will continue to miss into the next decade, failing on its primary mandate and potentially jeopardizing its own credibility despite unprecedented stimulus.
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And to do that it needed to actually achieve a rate of PCE inflation of 2%, and indeed to allow inflation to overshoot the target a bit to compensate for prior undershooting, in order to hit the target on average and in expectation.
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YOKOHAMA, Nov 8 (Reuters) - Nissan Motor Co Ltd on Thursday posted a 21.2 percent fall in second-quarter operating profit, undershooting analyst estimates, as the automaker continues to struggle with lower sales in the United States even as sales grow in China.
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Japan's fourth-largest automaker by sales said it expected operating profit for the year ending March to slide to 180 billion yen ($1.66 billion), undershooting a mean estimate of 210.16 billion yen from 24 analysts surveyed by Thomson Reuters I/B/E/S/.
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Instead, throughout the recovery it has updated its approach only haltingly in response to the data — reluctantly launching multiple editions of quantitative easing, experimenting clumsily with its communications, repeatedly overestimating inflation and starkly demonstrating more tolerance for undershooting its target rather than overshooting.
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In a speech this week in Chicago, Lael Brainard, a member of the Fed's board of governors, discussed how there's a "new normal" among Fed leaders – a fresh understanding of the risks of undershooting inflation, greater labor market slack, and lower interest rates.
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It can't do that if it leaves itself no cushion against bad economic news, and it cannot build a cushion if it heedlessly raises rates amid a dramatic, years-long undershooting of its inflation target of which it quite honestly ought to be ashamed.
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"Uncertainty is mounting overseas, with emerging markets and resource-producing economies undershooting, while protectionism is on the rise - as seen in Britain's vote to exit the European Union and the results of the U.S. presidential election," a manager at a machinery maker wrote in the survey.
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Poloz defended the bank's decision to raise rates despite inflation remaining below the 2 percent midpoint of its target range, and later told reporters the bank was open to allowing inflation to overshoot the target after a period of undershooting it - at least in the short term.
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Regulatory and compliance costs, and a previously announced 29.5 million euro ($93 billion) writedown on the value of its BNL Italian unit, pushed fourth-quarter net income down 29 percent to 22011 million euros, undershooting the average of analyst estimates of 22012 million in a Reuters poll.
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"A couple of participants expressed concern that a substantial undershooting of the longer-run normal rate of unemployment could pose an appreciable upside risk to inflation or give rise to macroeconomic or financial imbalances that eventually could lead to a significant economic downturn," the minutes said.
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Japan's sixth-biggest automaker expects profit to slide 21 percent to 300 billion yen ($2.74 billion) in the year to March 2019, its lowest since 5.43 and undershooting a median forecast for a rise to 391.8 billion yen according to Thomson Reuters I/B/E/S.
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The European Central Bank is expected to outline plans later this month to extend its stimulus programme for nine months while scaling it back, an attempt to reconcile the bloc's best growth run in a decade with inflation undershooting the bank's target of almost 22013 percent for years.
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"With a slowing economy and with also industrial profits undershooting meaningfully, for us it's no surprise that provisions will have to go up from here," said Gaël Combes, Geneva-based head of equities fundamental research at fund manager Unigestion, which has a small holding of Chinese bank shares.
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"Although home sales are still expected to finish the year at their strongest pace since the downturn, thanks to a very strong spring, the housing market is undershooting its full potential because of inadequate existing inventory combined with new home construction failing to catch up with underlying demand," Yun said.
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"Our view has been and continues to be that the constant undershooting of core PCE that was again confirmed today is something that has the Fed perplexed, which is central to our theses that the Fed is going to cut rates later this year," said Julian Emanuel, head of equity and derivatives strategy at BTIG.
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This year, industry-wide vehicle sales are likely to climb 3.5 percent, undershooting a target of 5 percent, Xu Haidong also told state-run TV. That compares with 13.7 percent growth in 2016 as local and global automakers grapple with a major shift spearheaded by Beijing towards all-electric vehicles and plug-in hybrids, also known as new energy vehicles.
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" Yellen on credibility and revisions of forecasts: "We all agree we are undershooting our inflation goal and that we want to make sure we stay on a course that raises that to 2 percent, and we're struggling with a difficult set of issues about what is the new normal in this economy and in the global economy more generally, which explains why we keep revising down the rate path.
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Adam Cole, global head of FX strategy at RBC, said underwhelming numbers on Thursday could mark the beginning of a more bearish turn in data on how the economy is coping with the uncertainty related to leaving the EU. Thursday's Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 53.4 from 54.2 in October, undershooting expectations for a rise to 54.5 in a Reuters poll of economists.
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India's economic growth slipped to a six-year low of 5% in the April-June quarter and Prime Minister Narendra Modi, who was re-elected to a second term in a landslide in May, is under pressure to provide a stimulus for an economy that is seriously undershooting the growth rate needed to generate enough jobs for the millions of young Indians entering the labour market every month.
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