Fed's Mester: Idiosyncratic factors affecting labor market and inflation

Author: Adam Button | Category: Central Banks

Comments from the Fed's Mester:

  • If prices are becoming more flexible due to things like Amazon, monetary policy is less effective
These comments aren't necessarily a hint about her policy stance but they underscore a slow shift in the Fed's thinking away from the Phillips curve and towards a more-dovish view on inflation.
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