Yellen’s ‘Hot’ Labor Market Evokes ’70s

Washington — Janet Yellen is pursuing a monetary policy with echoes from an era of bell-bottom jeans and New York Knicks’ basketball championships. And that’s got some economists worried. In an unorthodox move, the Fed chair has signaled her intention to keep interest rates low enough to temporarily push unemployment modestly below its long-run natural rate. She described in a speech last month how a tight job market could entice...

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