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'I'm skeptical of the Fed' on inflation -Vespula's Tomasulo

Procter & Gamble warned that commodity and freight costs are expected to take a bigger bite out of its earnings this year.

"You saw that in Procter and Gamble today, and my fear going forward is if this continues, you're going to see in a hell of a lot more companies over the next two quarters," said Tomasulo.

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