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US inflation temporarily 'very low,' says Fed's Fischer

Stanley Fischer
Brendan McDermid | Reuters
Stanley Fischer

U.S. inflation is "very low" but only temporarily so, and the economy has nearly achieved full employment, Federal Reserve Vice Chairman Stanley Fischer said on Monday.

"A large part of the current inflation is temporary," Fischer said on Bloomberg TV. "It has to do with the decline in the price of oil; it has to do with the decline in the price of raw materials. These are things which will stabilize at some point," he added.

"We are in a situation with ... nearly full employment but very low inflation," Fischer said.