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Steve Cohen, the hedge fund billionaire who owns the New York Mets, said Wednesday that the Federal Reserve faces a tough road getting inflation down to its 2% target.

The Fed thinks its eventually going to come down to a 2% inflation rate. I think thats going to be hard, Cohen told CNBCs “Squawk Box.”

The Point72 Asset Management founder and CEO cited underemployment in the US as reason inflation will remain stubbornly high, arguing a lack of workers could create upward pressure on inflation if economic growth remains strong.

If growth is too fast, then you start getting constraints on labor and wages go up, and that may be a problem,” he added. “Were in one of these problems where I dont think many people know exactly what is going to happen.”

Despite his skepticism about inflation hitting 2% — a figure the US economy hasn’t seen in more than a decade — Cohen said, “I think inflations been somewhat contained.”

“I think ultimately it will come down to: is that a true statement or not, Cohen — also the chairman and CEO of the New York Mets — told CNBC.

Representatives for Point72 declined The Post’s request for comment.

Per the latest Consumer Price Index which tracks changes in the costs of everyday goods and services  US inflation rose a stiffer-than-expected 3.2% in February.

Yet another yearly increase in consumer prices means that the CPI reading has yet to drop on a yearly basis since President Joe Bidens term began in January 2021.

The closest the economy has gotten to a yearly decrease since Biden took office was in July 2022, when the inflation rate remain unchanged, at a sky-high 8.5%.

On a monthly basis, prices also edged 0.4% in February, driven primarily by the indexes for shelter and gasoline, which contributed to more than 60% of the advance, the Bureau of Labor Statistics reported.

Despite remaining elevated, February’s CPI marks a stark slowdown from inflation’s peak at a staggering 9.1% in June 2022, which prompted Fed officials to begin a rate-hiking campaign that lifted the benchmark federal funds rate 11 times in 2022 and 2023, landing on its current 22-year high, between 5.25% and 5.5%, in July 2023.

March’s CPI reading is set to be released on April 10.

Wall Street is widely hoping for a figure that shows a month-over-month slowdown in inflation as it would prompt central bankers to make the first of three anticipated rate cuts this year sooner rather than later.

Separately on Wednesday, Fed Chair Jerome Powell reiterated that the US central bank has time to deliberate over its first interest rate cut given the strength of the economy and recent high inflation readings.

“Recent readings on both job gains and inflation have come in higher than expected,” Powell said in remarks prepared for delivery at the Stanford Graduate School of Business.

“Recent data do not, however, materially change the overall picture, which continues to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2% on a sometimes bumpy path.”

“Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy,” Powell said, with decisions made “meeting by meeting.”

“If the economy evolves broadly as we expect,” Powell said, he and his Fed colleagues largely agree that a lower policy interest rate will be appropriate “at some point this year.”

But that will only happen once policymakers “have greater confidence that inflation is moving sustainably down” to the central bank’s 2% target, Powell said — also a repeat of language the Fed has adopted of late to reflect its effort to balance the risks of cutting interest rates before inflation is truly controlled with the risks of suppressing economic activity more than is needed.

With Post wires

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After Soto admires single, manager wants to chat

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After Soto admires single, manager wants to chat

BOSTON — New York Mets manager Carlos Mendoza said he’ll talk to Juan Soto about hustling out of the batter’s box after the slugger watched his would-be home run bounce off the Green Monster for a single Monday night against the Boston Red Sox.

Leading off the sixth inning on a chilly night at Fenway Park with a 15 mph wind blowing in from left field, Soto hit a 102 mph line drive to left and stood watching as it sailed toward the 37-foot-high wall. The ball hit about two-thirds of the way up, and Soto was able to manage only a single.

“He thought he had it,” Mendoza told reporters after his team’s 3-1 loss. “But with the wind and all that, and in this ballpark — anywhere, but in particular in this one, with that wall right there — you’ve got to get out of the box. So, yeah, we’ll discuss that.”

Soto stole second on the first pitch to the next batter, but the $765 million star ended up stranded on third. He denied lollygagging on the basepaths.

“I think I’ve been hustling pretty hard,” he said. “If you see it today, you can tell.”

It’s not uncommon for balls that hit off the Green Monster to result in singles. In the first inning, Pete Alonso was thrown out trying for second base on a ball off the left-field wall. But Soto had also failed to run hard out of the box on a groundout Sunday night at Yankee Stadium.

“We’ll talk to him about it,” Mendoza said.

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Skidding Dodgers ‘battling with what we’ve got’

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Skidding Dodgers 'battling with what we've got'

LOS ANGELES — Hyeseong Kim started in center field to take some of the burden off Tommy Edman‘s tender ankle and wound up losing a baseball in the twilight. Jack Dreyer opened for Landon Knack in hopes of maximizing matchups against the opposing Arizona Diamondbacks, and yet the two surrendered seven runs within the first three innings.

Nothing, it seems, goes right for the Los Angeles Dodgers these days.

On Monday night, they were bad enough on defense and ineffective enough on the mound that their mighty offense could not make up the difference. They lost 9-5 at Dodger Stadium, suffering their first four-game home losing streak since May 2018.

“We haven’t given up, but you’re going to go through certain situations like this,” Dodgers shortstop Mookie Betts said. “It’s just tough. We got to find a way to get back healthy, get our guys back out there. But we’re battling with what we’ve got.”

Three critical members of the Dodgers’ rotation are currently on the injured list; Blake Snell, Tony Gonsolin and Roki Sasaki are all nursing shoulder injuries with uncertain timelines. Four high-leverage relievers — Kirby Yates, Blake Treinen, Evan Phillips and Michael Kopech — have hit the shelf since the start of spring training. And in the wake of that, a Dodgers organization that has been lauded for its ability to absorb injuries, most recently by riding bullpen games to a championship, has been unable to overcome.

Forty-eight games in, the Dodgers (29-19) possess a 4.28 ERA, which ranks 22nd in the major leagues. Their rotation, hailed as one of the sport’s deepest collections of arms when the season began, holds baseball’s sixth-highest ERA at 4.51.

“It’s not the staff we thought we’d have this season,” Dodgers manager Dave Roberts said. “But I feel that what we still do and have done in the past with injuries, we’re not doing. And I say that in the sense of getting ahead of hitters and keeping the ball in the ballpark.”

Dodgers pitchers rank sixth in home run rate and have started behind in the count on 117 batters this season, tied for ninth most in the majors.

Dodgers coaches have spent the past few days preaching the importance of getting ahead and thus commanding counts in hopes of fostering a more aggressive approach from their staff. Dreyer seemed to carry that mindset with him early, getting ahead on three of his first four hitters. But the fourth sent a fly ball to straightaway center field that Kim, a rookie second baseman making his first career Dodger Stadium start at the position, never saw. It landed for an RBI double, igniting a two-run first inning.

The D-backs added another run in the second, on an errant throw from third baseman Max Muncy, a wild pitch from Dreyer and a sacrifice fly from Geraldo Perdomo. Four more came in the third, when Knack, vying for a long-term spot in the rotation, surrendered two-run homers to Lourdes Gurriel Jr. and Gabriel Moreno.

By that point, the Dodgers, coming off getting swept by the crosstown-rival Los Angeles Angels, faced a 7-0 deficit they could not overcome. Shohei Ohtani belted his major-league-leading 17th home run, Betts added two of his own, and the rest of the lineup rallied to make things interesting in the bottom of the ninth. But it wasn’t enough.

The Dodgers’ offense, which got Edman and Teoscar Hernandez back from injury in the past two days, is whole at this point. L.A.’s pitching staff is far from it.

The effects of that are being felt.

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Bubic’s no-hit bid cut short by scoring change

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Bubic's no-hit bid cut short by scoring change

SAN FRANCISCO — Kris Bubic‘s no-hit bid for the Kansas City Royals ended with an official scoring change Monday night.

Bubic initially got through six innings against the San Francisco Giants without allowing a hit — only to have an error charged to Royals second baseman Michael Massey changed to a single before the start of the seventh.

With two outs in the sixth, Wilmer Flores hit a grounder toward second base. Massey moved to his left and was in position to make the play but slipped to the ground at the edge of the grass as the ball rolled past him into the outfield.

The play was initially ruled an error by official scorer Michael Duca, and Bubic then struck out Jung Hoo Lee to end the inning and keep the game scoreless.

But moments later, Duca changed his call to a base hit for Flores.

In the seventh, Bubic (5-2) gave up a one-out double to Casey Schmitt for San Francisco’s second hit. His ERA fell to 1.47 as he struck out five and walked three, and the Royals went on to beat the Giants 3-1.

Information from The Associated Press was used in this report.

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