``She predicts Federal Reserve Chair Janet Yellen will face consumer-price gains outside of food and energy of 2.3 percent by the end of the year. Import prices are bottoming, slack is eroding and housing and health-care costs are bouncing, she wrote in a report. That could put the Fed behind the inflation curve, she said. Waiting to the middle of next year to raise their benchmark rate -- as markets and officials have indicated is likely -- would spell an unusually late start to tightening given the core rate may exceed 2.5 percent by then.''

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