As Yellen Rides Into the Sunset, An Odd Market Environment Exists Where "Phillips Curve is Dead"

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Mark Melin
Published on
Updated on
federal reserve

When Janet Yellen took the podium for her final news conference earlier this week, there were several oddities. Not only was she a rare Fed chair who did not get re-appointed after achieving arguably strong economic performance – unemployment dropped, inflation remains subdued and the stock market did not crash as quantitative stimulus was extracted – but there were other oddities. In proclaiming the “Phillips curve dead,” Bank of America Merrill Lynch categorized the Fed raising interest rates as being interpreted as “dovish.” [reits] Phillips Curve is dead: Also, night is day and white is black The Fed “failed to…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.