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The Fed also expects inflation to dip even further below its 2 percent target. Inflation will be just 0.8 percent to 1.2 percent by the end of this year, they predicted, though it will rise in 2014 and 2015. Fed policymakers downplayed the low inflation figures in the statement they issued Wednesday, saying they were likely temporary. Fed chairman Ben Bernanke said during a press conference that the Fed could start scaling back its $85 billion in monthly bond purchases later this year if the economy continues to improve. The reductions would occur in "measured steps" and the purchases could end by the middle of next year, he said. By then, Bernanke said he thought unemployment would be around 7 percent.
[Associated
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