Several market players were caught off guard last week when Federal Reserve chief Janet Yellen failed to go into detail about inflation at Wednesday's press conference.
Yellen said she thinks consumer price index (CPI) data is "noisy," in response to a question from CNBC senior economic correspondent Steve Liesman.
The most recent CPI reading of 0.4 percent in May was above expectations and marked the biggest monthly increase since February 2013. The annual increase was 2.1 percent, above the Fed's 2 percent target.
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