undershoot

Employers added 175,000 positions in April, the Labor Department reported Friday, undershooting forecasts.

If a team undershoots its targets, it falls back quickly.

"Core inflation is likely to comfortably undershoot the Fed's 3.7% projection," perhaps ending the year as low as 3.3%, he wrote in an analysis after the latest PCE data were released.

Primary activities such as farming, fishing and mining increased 0.7% quarter-on-quarter, undershooting the preliminary data by a tenth of a percentage point.

"I would be happy to start cutting the rates when the inflation projection - so the outlook and not actual data - starts to undershoot our 2% target in a consistent manner," he said.