opaque 不透明的
For anybody who doubts the CPI's importance as a policy-setting tool, consider the following comments made Thursday (a day before the latest CPI print) by Fed Vice Chairman Richard Clarida, who hinted that the recent "slowing" in inflation had lessened the pressure on the Fed to raise interest rates (according to the median projections in the central bank's latest "dot plot", Fed policymakers anticipated in December that the central bank would hike rates only two times next year, down from three previously, while expectations for the long-run terminal rate declined to 2.8%, from 3%).
Clarida said in a speech on Thursday that “inflation has surprised to the downside recently, and it is not yet clear that inflation has moved back” to the central bank’s goal on a sustainable basis.
Despite the various sub-indexes published to give investors a more comprehensive breakdown of where pricing pressures are showing up in the economy, the methods used to boil all of this down into a headline number - which is often all anybody looks at - remain surprisingly opaque.
Which means the data are much more prone to manipulation than many might understand.
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