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Thursday, May 22, 2008

Inflation "not reflecting reality at the checkout counter"

Since when has reality played any part of Republican economics?

Americans are fooling themselves if they think U.S. inflation is under control, the manager of the world's largest bond fund said.

Bill Gross, chief investment officer of Pacific Investment Management Co (PIMCO) said in his June investment outlook that he has been arguing for some time that inflation statistics "were not reflecting reality at the checkout counter."

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