The circular logic of inflation expectations

<div> <img src="http://ift.tt/1OieYGU" alt="Ben Bernanke" border="0" /><br /><p>One of the many monetary mysteries of the moment is why the inflation rate has been so persistently below the Federal Reserve's 2 percent target. Is the historical relationship between unemployment and inflation-the Phillips curve that suggests inflation rises as unemployment falls-broken?</p> <p>Here's how former Fed Chairman Ben Bernanke, now ......(read more)

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