Fed's Bullard Sees No Progress Made on Inflation Target

The transcript discusses economic growth trends for 2017 and 2018, highlighting a surprising upside in growth rates. It examines the potential impact of tax effects and forecasts a slowdown to trend growth. The discussion then shifts to inflation, noting a lack of progress towards targets and questioning the relevance of the Phillips Curve in current conditions. Despite low unemployment, inflation remains subdued, prompting a reevaluation of traditional economic models.

How does the speaker describe the Phillips Curve effects currently?

What is the current unemployment rate mentioned in the text?