oy -1 -output gap since 2009q1 1.5 P.444 c? <1. 4* 1) evt* 41. ebb. ;I* gist 61. oS 6S, t o% t% t% % 1 IF A 1, 1, 1, 1, 1, 1, 1§) 1? Seran• aff, 813Crntrerg leave (Pro , Gnu,* arst In terms of wage inflation below we update our wage model to incorporate the Fed's new NAIRU estimates. If

oy -1 -output gap since 2009q1 1.5 P.444 c? <1. 4* 1) evt* 41. ebb. ;I* gist 61. oS 6S, t o% t% t% % 1 IF A 1, 1, 1, 1, 1, 1, 1§) 1? Seran• aff, 813Crntrerg leave (Pro , Gnu,* arst In terms of wage inflation below we update our wage model to incorporate the Fed's new NAIRU estimates. If