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“I am not talking 3-5 per cent inflation, I am talking double-digit inflation in the US.”
He said inflation in the US may begin to pick up sometime in 2012 unless measures were taken to roll back the huge monetary base.
With a recovery appearing to start, some are worried a continuation of the current policy will fuel a surge in inflation.
The Fed had recently said it would conclude its purchase of $US300 billion ($351bn) of US government debt by the end of October, and would slow the pace of remaining purchases in order to provide for a smooth transition from an easy monetary stance.
Meanwhile, US employers cut jobs in August at the slowest pace in a year, but a jump in the unemployment rate to a 26-year high of 9.7 per cent reinforced worries a weak labour market could weigh on consumer spending and the vigour of the economic recovery.
Finance ministers and central bankers from the Group of 20 economies on Saturday pledged to maintain policies designed to support economic growth, but left open when and under what circumstances governments would begin to go back on the stimulative policies as economies stabilise.