Bill Clinton: “I would say that the month before last we have virtually no inflation, and you can't run the country on a month-to…”

“I would say that the month before last we have virtually no inflation, and you can't run the country on a month-to- month basis. You've got to look at some longer trends. There are some clear underlying reasons for this last inflationary bulge which don't necessarily portend long-term inflation. I think it's a cause of concern. We ought to look at it, but we ought to wait until we have some more evidence before we raise interest rates in an economy where industrial capacity is only at 80 percent. If you look at all the underlying long-term things, long-term trends in energy prices, industrial capacity, the kinds of things that really shape an economy, there is no reason at this time to believe that there could be any cause for a resurge in inflation.”