A quick update on previous post on oil: Goldman Sachs now estimates high oil prices -- if they stay at current levels -- will shave 1% of GDP next year. But that won't feed through to "core" inflation. Just a 2/10ths of a percentage point hit there.
Of course, a much higher oil spike has much larger impact.
Source: http://www.pbs.org/nbr/blog/2011/03/update_on_oil_economic_impacts.html
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