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St. Louis Federal Reserve Bank President James Bullard said today while speaking in Tokyo that the path of inflation in the U.S. is "worrisome."

He maintained that U.S. prices now fall 4.6% short of the price level path established between 1995 and 2012 when inflation was accelerating at a pace closer to the central bank's annual target.

"This is not as severe as the 1990s Japanese experience, but it is worrisome," Bullard said.

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He reemphasized his long-standing belief that the U.S. Federal Reserve is attempting to hike interest rates too quickly and by too much.

He also asserted that the financial markets' view of the future rate hike trajectory is currently out of touch with that of the central bank.

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