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 WASHINGTON (AP) - Oil prices are surging and wages are growing at the fastest clip in a year, reasons enough for the Federal Reserve to keep pushing interest rates higher the rest of the year and probably well into 2006 in an effort to keep inflation in check.
The Fed is expected to raise short-term rates a quarter-point on Tuesday, the 10th increase starting in June of last year.
Despite that long campaign to tighten credit, rates still are too low, Federal Reserve Chairman Alan Greenspan and his colleagues have suggested.
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