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US inflation accelerated at the end of 2023, fueled by stubborn services costs, while a protracted decline in goods prices petered out. Federal Reserve Bank of Cleveland President Loretta Mester said it was premature to consider cutting rates as soon as March, emphasizing that the fresh inflation data suggests policymakers have more work to do. Her Richmond counterpart, Thomas Barkin, reiterated that he's still looking for more evidence that inflation is headed to the central bank's 2% goal following the latest report on prices.
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