Major countries have already been accelerating their efforts to advance and converge their industries in order to seize the initiative in this era of the Fourth Industrial Revolution. Our top priority should be to enhance our productivity through restructuring, and to nurture leading industries that will serve to drive the future growth of our economy.
Accordingly, inflation seemed well on its way to the FOMC’s 2 percent inflation objective on a sustainable basis. Inflation readings over the past several months have been surprisingly soft, however, and the 12month change in core PCE prices has fallen to 1.3 percent.