According to Milton Friedman,the reason there are two Phillips curves is because

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According to Milton Friedman, the existence of two Phillips curves is due to the lag in the adjustment of the expected inflation rate to changes in the actual inflation rate. In other words, people and firms do not immediately update their expectations of inflation when there is a change in the actual inflation rate, leading to a short-run Phillips curve and a long-run Phillips curve. The short-run Phillips curve shows the inverse relationship between inflation and unemployment when there is a lag in expectations, while the long-run Phillips curve is a vertical line representing the natural rate of unemployment, where inflation is determined only by expected monetary policy. Inflexibility of wages or prices is also a factor, but the primary reason for the two Phillips curves is the lag in expected inflation adjustment.

According to Milton Friedman,the Reason There Are Two Phillips Curves