Dear IMF, Here Is What Happened to Inflation

The International Monetary Fund annual meetings open on Thursday in Washington, D.C., with a crucial question: Where is inflation? Perhaps a better question would be: What is inflation? Or, to be more precise: What has inflation become?

The Federal Reserve trusted the Phillips Curve -- the theoretical relationship between unemployment and inflation that stipulates that as unemployment falls, inflation must rise -- almost religiously. It seems the curve was a false god. Or a "fake" one, to use a more fashionable word....755 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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