After expanding just 1.25 percent in the first quarter, growth will more than double to at least 3 percent in subsequent quarters, according to economists surveyed by Bloomberg.

And the longer the Fed keeps its easy-money policies in place, the greater the chances inflation will accelerate as the economy recovers from the oil shock, said James Barnes, a money manager at National Penn Investors Trust, which oversees $1.3 billion in fixed-income assets and owns TIPS.

Core consumer prices, which exclude food and energy, climbed 1.8 percent in the year through March, the most since October. The energy component in the reading has also increased in the past two months as oil rebounded from a six-year low.

“If market participants believe rates will stay lower for longer that puts more inflationary pressure” on the economy, Barnes said from Wyomissing, Pennsylvania.

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