Reuters: Market News: U.S. Fed's Kocherlakota sees 2.3 pct inflation in 2013

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U.S. Fed's Kocherlakota sees 2.3 pct inflation in 2013 Mar 31st 2012, 23:42 By Ann Saphir EVANSTON, Ill., March 31 | Sat Mar 31, 2012 7:42pm EDT EVANSTON, Ill., March 31 (Reuters) - U.S. inflation will be above the Federal Reserve's 2 percent target next year, Minneapolis Fed President Narayana Kocherlakota predicted on Saturday, suggesting he sees pressure building for the central bank to lift interest rates. "I'm expecting inflation to be 2 percent this year, and 2.3 percent next year," Kocherlakota told the Midwest Economics Association's annual meeting. The Fed has kept U.S. short-term borrowing costs near zero for more than three years, and its policy-setting panel has said it expects to need to keep them there through late 2014. Kocherlakota, a monetary policy hawk, has said he believes the Fed should act to raise rates well before then.

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