Kudlow gave Ocasio-Cortez a 'hats off to Ms. AOC' for her question, saying she 'kind of nailed that.'
Washington National Economic Council director Larry Kudlow gave"high marks" to an unlikely figure during an interview with Fox News on Thursday: New York Democratic Rep. Alexandria Ocasio-Cortez.
Kudlow praised the liberal hero for challenging Federal Reserve Board of Governors Chairman Jay Powell on the Phillips Curve during a congressional hearing. The Phillips Curve is a long-held economic theory which suggests that low unemployment pushes wages up faster, which in turn accelerates inflation.Ocasio-Cortez said the long-held theory"is no longer describing what is happening in today's economy," and Powell agreed. Kudlow gave Ocasio-Cortez a"hats off to Ms.
Economic adviser contradicts Trump on China tariffs 01:35For the White House, tossing the Phillips Curve in the dustbin of history is convenient because it strengthens the case for cutting rates. Both of the people Trump said he would nominate to the Fed board, Judy Shelton and Christopher Waller, have publicly cast doubt on the principle's validity.
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