Fed's Bullard Sees No Progress Made on Inflation Target

The transcript discusses economic growth trends for 2017 and 2018, highlighting a surprising upside in growth rates. It examines the potential impact of tax effects and forecasts a slowdown to trend growth. The discussion then shifts to inflation, noting a lack of progress towards targets and questioning the relevance of the Phillips Curve in current conditions. Despite low unemployment, inflation remains subdued, prompting a reevaluation of traditional economic models.

What was the unexpected economic trend observed in 2017?

• A decline in growth

• A decrease in unemployment

• An increase in inflation

• An upside surprise in growth

What is the core PCE measure excluding?

• Housing and utilities

• Education and entertainment

• Transportation and healthcare

• Food and energy

What has been the trend in inflation progress over the last two years?

• Rapid progress

• No progress

• Significant progress

• Moderate progress

What was the natural rate of unemployment set at not long ago?

• 4.1%

• 5.5%

• 4.5%

• 6.0%

What is the current view on the Phillips Curve's power?

• It is very strong

• It is increasing

• It is nonexistent or very small

• It is moderately strong