The State of the Union, Fed Edition

I didn’t watch the State of the Union address last night. But I did read two different analyses of what was said and what the mood in the chamber was. The overviews were consistent with a recent Gallup poll that showed division and heavy partisanship on this issue.
Two things: I think the state of the nation is as good as it is going to get during this business cycle — at least from an economic perspective. And since this is an econ site, when it comes to state of the union addresses, I am actually a lot more interested in what Janet Yellen has to say in her last FOMC statement today.
The Fed chair has consistently shown support for the Phillips Curve as a driving force for how the Fed should employ monetary policy. Her view is that there is a trade-off between employment and inflation w...


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