Troubled businesses and retailers might have expected that the encouraging news on inflation would open the door to another interest-rate cut.
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"This inflation news would open the door for Fed action if the unemployment rate is drifting higher in the first half of the year, " said Mr. Kasman.
Even some members of the Federal Open Market Committee suggested that inflation risks may require monetary tightening sooner rather than later, according the Fed minutes released on Wednesday.
Inflation hawks on the open market committee dissented from the latest rate cut and may have succeeded in keeping it to three-quarters of a percentage point rather than the whole percentage point the markets expected.
"November's lower than-expected inflation data keeps the door open for another interest rate cut early in 2008, " said Global Insight economist Howard Archer.
But Mr Cardoso and his team have achieved a great deal, not just in conquering inflation but in keeping the economy open, dismantling and privatising state monopolies, and welcoming foreign investment.
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It may suggest that any further downside surprises to UK growth could open again the stimulus door, and this maybe despite elevated inflation.
Under persistent pressure from Abe, the BoJ in January doubled its inflation target to 2 per cent and agreed to open-ended purchases of assets from 2014.
America has a large and growing economy, open and deep financial markets, and a remarkable record at combating inflation.
Earlier this week, the BOJ doubled its inflation target to 2% and said it would implement open-ended asset buying from 2014.
Even so, the majority view among the Bank of England's rate-setters was that the intensifying slowdown should open up enough spare capacity to deal with the deteriorating prospects for inflation.
The Open Markets Committee will have to make a horrific choice: fight inflation by tightening policy into a weakening economy, or fight recession by allowing inflation to burn out of control.
Mervyn King, the governor of the Bank of England, had to write an open letter to the chancellor this week to explain why consumer-price inflation had diverged so far from the 2% target, reaching 3.5% in the year to January.
He signaled he is open to means-testing Medicare benefits and changing the way the government calculates inflation, a step that would reduce Social Security benefits.
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Bernanke is looking to solve the problem via demand stimulation and inflation expectations, he has the support of most of the Federal Open Market Committee, the market remains expectant.
The weakness in output growth at home will open up a growing margin of spare capacity that will over time bear down on inflation.
Mr Cardoso ended three decades of inflation, and did much to sort out chaotic public finances and establish an open, market-based, economy (see article).
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After pressuring Governor Masaaki Shirakawa, the Bank of Japan came through, setting a formal 2% inflation target (CPI contracted 0.2% in 2012) and unveiling a new open-ended asset purchase program (QE).
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