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Swapping headline for core inflation: an asset liability management approach

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Figure

Figure 1: Core vs. Headline inflation in the US over a 50-year period
Figure 2: Core vs. Headline Inflation in the US over the last decade
Figure 3: Breakdown of the variance of the realized inflation into core and non-core components
Figure 4: PFE pricing, LT vs. ST and vs. Benchmark real performance for a 5-year horizon
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