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The Federal Reserve continues to underestimate the persistence of inflation this year, particularly in the near term, Citi economists write in a note. They write that updates to the Fed’s Summary of Economic Projections released last week showed only a modest upward revision for 2023 inflation projections, with core personal-consumption expenditures inflation raised from 3.5% to 3.6%. Citi economists see core PCE inflation at 4.3% by the end of the year, with strong inflation in the coming months forcing continued interest rate increases. Among the factors they cite for higher inflation is March purchasing manager index…

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