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To: Kirk © who wrote (9469)	2/6/2001 1:08:01 PM
From: Ian@SI	Respond to of 10921

It did seem like the Fed sure held on to the Philips Curve far longer than... Given that this is a Scatter Diagram not a curve unless one restricts the points plotted to the 1970s only, I agree that it's amazing. What is even more amazing was after they were forced by reality to drop Philips they picked up on the same concept and disguised it as NAIRU. And there seems to still be a couple hawks at the Fed that stubbornly refuse to let any evidence convince them that they have their heads up their ass on this point.