For release on delivery 10:00 p.m. EDT (7:00 p.m. PDT) March 31, 2023  The Unstable Phillips Curve  Remarks by Christopher J. Waller Member Board of Governors of the Federal Reserve System at Macroeconomics and Monetary Policy, a conference sponsored by the Federal Reserve Bank of San Francisco  San Francisco, California  March 31, 2023  Thank you, Sylvain, and thank you to the Federal Reserve Bank of San Francisco for inviting me to speak tonight.
And, although the projections show a slow rise in the rate of inflation to 1.5% in the fourth quarter of 2016, this would still fall short of the target. At its meeting in June the ECB Governing Council was united in its reaction to the risks associated with such a subdued price outlook and approved a package of measures.