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DB says they "are worried that monetary policy is excessively accommodative in light of the likely trajectory of inflation. Early-stage price pressures are mounting based on various survey data," such as Philly Fed and Empire, as well as early stage PPI data. They see Q1 GDP at +4.5% and say "businesses are having greater success passing cost increases along to customers. In time, this will show up in firmer consumer inflationin fact, this trend already appeared to be emerging in the January CPI."
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