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Since 1990 US inflation has remained silent to domestic slack and monetary interventions. This paper explores the role of globalisation in explaining the puzzling behaviour of inflation, using a trend-cycle VAR decomposition. The trend analysis shows that, starting from the 90s, despite very well-anchored expectations, slow-moving imported “cost-push” factors kept trend inflation below target. The cycle block of the model provides evidence in favour of the flattening of Phillips curve, mainly attributable to a weaker wage pass-through. The business cycle behaviour of inflation is determined by a shock originating abroad, which indeed generates the main bulk of volatility in international prices and is poorly connected to the domestic slack
