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The Fed: Experts fear a 1960s-style rerun of the Fed letting inflation build up

Bloomberg
Fed Chairman Jerome Powell

A trio of prominent economists on Friday said they were worried the Federal Reserve is taking its eye off the risks of higher inflation.

Although there is little actual evidence yet, the theory that a low unemployment rate can boost wages and then selling prices — a relationship known as the Phillips Curve — “is not dead,” the economists said.

“The Fed should not be complacent about inflationary pressures,” the economists said.

The paper was written by Peter Hooper, global head of economic research at Deutsche Bank Securities, former Fed Gov. Frederic Mishkin and Amir Sufi, an economics professor at the University of Chicago Booth School of Business.

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