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On the one hand, the fact that inflation is still running at more than twice the target level, and core inflation — which includes goods and services, excluding volatile food and energy — saw an uptick to 5.6% in March, highlights that the Fed still has more to do and may need to lift short-term rates again at its early May meeting, on the other hand, overall inflation slowed more notably, and even core inflation on a month-to-month basis eased somewhat, a sign that the Fed’s tightening is having the desired effect.