Inflation Debate Can Wait as Fed Tapers

Federal Reserve officials still think the run-up in inflation will prove transitory. Many investors disagree. For now, neither camps’ forecasts matter that much.

The Fed’s policy-setting committee on Wednesday said that it would continue to hold rates near zero but also said that starting this month it will reduce its purchases of Treasurys and mortgage-backed securities, and expects to continue to reduce them in the months ahead.

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