Revisiting the Phillips Curve

(1) Commercial break. (2) Yellen was a fan of Phillips Curve Model while she was Fed chair. Powell not so much. (3) When is a flat curve not a curve? (4) Phillips curve not totally dead, but with jobless rate at 3.9%, wage inflation should be closer to 4.0% than to 2.5%. (5) Wage inflation showing more lift in goods than in services. (6) Price inflation showing more lift in services than in goods. (7) Rent inflation boosting services inflation. (8) Low price inflation (resulting from disinflationary structural forces) may be driving, and keeping a lid on wage inflation.