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Fed Far From Ready to Declare Mission Accomplished on Inflation

Fed Far From Ready to Declare Mission Accomplished on Inflation

The US dollar rose to 0.9907 Swiss franc from 0.9879 Swiss franc, and it increased to 1.2841 Canadian dollars from 1.2834 Canadian dollars.

Inflation for the first time in several years has increased to the Federal Reserve's annual target, the Commerce Department reported Monday, reaching a key threshold for future of USA interest rates.

The so-called core PCE price index - the Federal Reserve's preferred measure of inflation - rose 0.2 month-on-month in March after a similar gain in February.

But a growing number of Fed officials and analysts say further hikes could be necessary to curb rising inflation.

The Fed is one of the most important institutions in world finance because it sets interest rates and oversees leading banks in the world's largest economy.

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The rise in the annual inflation measures reported by the Commerce Department on Monday was anticipated by economists and Fed officials and is not expected to alter the US central bankĀ“s gradual pace of interest rate increases.

Weak economic data and dovish comments by BoE Governor Mark Carney, however, have rapidly cooled expectations for a near-term rate increase, sending the pound sliding from its post-Brexit referendum highs.

"You can't go so fast that you're going to threaten the expansion but you've got to go fast enough to limit the overshoot of inflation", said Meyer, who now heads Washington-based Monetary Policy Analytics Inc.

The dollar last week enjoyed its biggest weekly gain in more than two months. The dollar slipped against a basket of currencies after the data.

Rising price pressures are encouraging the US central bank to press ahead.

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On the spending side, nominal personal spending rose 0.4%, in line with the market forecast, and adjusted for inflation, real personal spending was also up 0.4%. The government reported last Friday that wages and salaries recorded their biggest increase in 11 years in the first quarter.

The faster rise in spending compared to income growth meant that the saving rate slipped to 3.1 percent of after-tax income in March, down from 3.3 percent in February. Consumer spending advanced 1.1% after 4% in the fourth quarter.

The economics calendar will bring the monthly jobs report, which should show the USA economy continues to create jobs in the 10th year of the economic recovery.

Benchmark 10-year notes last fell 10/32 in price to yield 2.9718 percent, from 2.936 percent late on Monday.

Consumers resumed spending in March following two months of sluggishness, while their incomes continued to grow, the Commerce Department said Monday.

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Nominal personal income increased 0.3% on the month, a touch softer than the consensus forecast, led by increases in rental and proprietors' incomes.