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Smartphone apps to blame for low US inflation: BlackRock bond manager

Some of the recent pullback in inflation also stemmed from lower energy price

Reuters 

Americans' love of their smartphones and apps may be contributing to the sluggish pace of inflation that is worrying Wall Street and the Federal Reserve, a top bond manager at BlackRock, the world's biggest asset manager, said on Wednesday. Consumers are relying less and less on devices such as cameras, radios and televisions, and services such as taxis and stores, replacing them with programs in their iPhones and other high-end phones, according to Rick Rieder, BlackRock's chief investment officer of global fixed income. Companies like Amazon.com Inc, Netflix ...

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First Published: Thu, June 22 2017. 07:56 IST
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