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Former Dallas Fed president Robert Kaplan argues that inflation is more structural than cyclical and that the economy is not overheating. He describes an AI CapEx boom alongside sluggish activity in other sectors and links inflation stickiness partly to an oil spike. Kaplan warns that aggressive rate increases could slow growth and raise unemployment without substantially reducing inflation. He guesses the Fed will likely raise rates in December, while advocating a slow, deliberate approach. The excerpt contains no trade proposal or earlier-trade update.