Powell downgrades Phillips curve importance

Jerome Powell

Federal Reserve chairman Jerome Powell has welcomed recent US wage increases, stressing his confidence that lower unemployment won’t cause an upsurge in inflation.

“The rise in wages is broadly consistent with observed rates of price inflation and labour productivity growth and therefore does not point to an overheating labour market,” said Powell in a speech on October 2 in Boston.

Powell said better conduct of monetary policy over the past few decades had reduced the effects that tight

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