Powell's Fed Took First Independent Steps, JPM's Kasman Says

The transcript discusses the Federal Reserve's recent shift in policy, highlighting a potential regime change and a move away from traditional models like the Phillips curve. The Fed appears to be more tolerant of higher inflation levels and is focusing on growth and inflation data to guide future decisions. The conversation also touches on risk management and the global economy's impact on Fed policies.

What does the speaker suggest about the Fed's view on the Phillips curve?

What is the implication of the Fed's pause in monetary policy according to the discussion?