Economists against FANG

The Fed scraps the Phillips Curve, inflation expectations rising and the case for anti-trust

Amidst growing evidence that the end of expanded unemployment benefits is not a fiscal cliff that is impairing the recovery in consumer spending or the labor market, the technology, financials, industrials, and consumer discretionary sectors all rallied sharply last week. The risk-on theme was not confined to equities; high yield credit spreads tightene…