The Fed is focusing on 'flawed' data and keeping rates high will result in a big policy mistake, economist says

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• The Fed's reliance on "flawed" inflation data to keep interest rates high will spur a policy mistake, David Rosenberg says.
• The latest PCE and GDP data may be misrepresenting the actual state of the economy.
• The Fed has been too optimistic about jobs data that's based on nonfarm payrolls, Rosenberg said.