The Phillips Curve and the Future of the Fed

The potential of stimulus to produce inflation is accepted by all again. It's just something that went into suspended animation for a period of time. I used to tell people, because people just ask me all the time, when's the Fed going to pivot? That was the favorite question of pretty much all of 2022. The fight against inflation comes from a slowing of the economy. And it inevitably will produce some job losses.