this is the wage inflation that Powell is willing to sacrifice the entire economy to inhibit.
Last thing on earth to go up and now under complete assault by the Fed.
Can’t make this stuff up.
*If one doubts it, there is plenty of material out there.
I was very skeptical but the material clearly delineates wage inflation is the target. ie recent headline-
“Powell puts US pay hikes at heart of Fed’s 2023 inflation” fight
““Powell puts US pay hikes at heart of Fed’s 2023 inflation” fight”
Well, we know this isn’t consumer-driven inflation it’s monetary debasement inflation from unchecked government spending. Just like banana republics do.
Maybe Powell is blaming the consumers (which many ppl don’t believe is the cause) because as a gov appointee he can’t say it’s government spending. The end result is the same: increased interest rates increase government interest payment requirements on the gov debt. Which should supposedly slow down gov spending. But it rarely does in banana republics.