Yet inflation has dipped further below the Fed's target rate, thanks to plunging oil prices and a surging dollar. At the Fed's last meeting in December, its statement said officials thought they could be "patient" in moving to raise their key short-term rate, which has been kept at a record low near zero for six years. "The Fed does have more latitude, given the rise in the dollar and the collapse in oil prices," said Mark Zandi, chief economist at Moody's Analytics. The plunge in world oil prices, which have fallen 60 percent since June, has contributed to lower inflation even as the U.S.
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