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Money puzzle

15 August 2012 By Martin Hutchinson

The CPI was unchanged in July, and up only 1.4 pct year-on-year. For monetarists, that’s surprising. Broad money supply is up 8 pct, and even without QE3 the Fed’s low interest rates make deficits easy to fund. These uncharted waters could force a rethink of economic theory.

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