Comparing the shaded and unshaded regions, you might see some association between slack and the minor ups and downs in inflation, but the pattern is not at all consistent. It is evidence like this that fuels speculation about the Phillips curve’s demise.
I send my warmest greetings and congratulations to the membership of the Chamber of Thrift Banks (CTB) on the occasion of your National Convention, the high point of the annual celebration of the Thrift Banking Week. You have chosen the theme of responding to the challenges ahead.