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Chair Powell Says All Major Measures Of Wages Moving Back Down Gradually

FED
  • Q: Are you worried about the rise in Black unemployment in May?
    • A: We are of course worried about it, that's a factor we can't really address with our tools. We do consider that when we're continuing about what constitutes maximum employment.
  • Q: Can you talk about how you're thinking about the uptick in housing, and rent in PCE inflation?
    • A: We do need to see rents bottom out or stay quite low in terms of increases because rental is a very large part of CPI/PCE. Look at core inflation over the past 6 months/year - not seeing the kind of progress we want to see. The FOMC core PCE median went up significantly. We see that inflation forecasts have been coming in on the low side again, and that tells us we need to do more.
    • All of the major measures of wages have moved down from highly elevated levels a year or so ago and they're moving back down gradually. And we want to see that process continue gradually.
  • Q: Does worker power / labor strikes come up in your discussions?
    • A: We spend a lot of time talking about labor market dynamics, but we're not involved in discussions or debates over strikes and things like that.
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