The Philips Curve was always properly used as a heuristic framework for thinking about issues, not as a machine for generating certainty-equivalent forecasts to use in month-to-month policy decisions: Jeanna Smialek: RIP Phillips Curve? The Fed's Wonky Guidestar May Be Dimming: Fed has been moving from tight labor-brings-inflation logic. They’re now waiting for actual, not anticipated, price gains...
