Prior Theme Recap Last week I expected plenty of inflation talk leading up to the release of the Fed's preferred measure, the PCE index. Michigan economist Justin Wolfers, writing in the New York Times, observes as follows : He notes that the past year has defied the relationship between unemployment and economic growth, Okun's Law. (click to enlarge) I do not expect any instant economic solutions, but the evidence supports continued reversion to the long-term growth trend.