We should have substantially more data in hand in the coming months that will help us make that assessment. References Blanchard, Olivier (2016). “The U.S. Phillips Curve: Back to the 60s?” Policy Brief PB16 1. Washington: Peterson Institute for International Economics, January, piie.com/publications/pb/pb16–1.pdf. Bonis, Brian, Jane Ihrig, and Min Wei (2017).
“The Effect of the Federal Reserve’s Securities Holdings on Longer-Term Interest Rates ,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, April 20. Brainard, Lael (2015). “Normalizing Monetary Policy When the Neutral Interest Rate Is Low,” speech delivered at the Stanford Institute for Economic Policy Research, Stanford, California, Dec. 1. ———— (2016).