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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: Powell 'Watching Carefully' Wage-Price Dynamics
Federal Reserve Chairman Jay Powell said Tuesday large wage increases are worth "watching carefully" for any effect on overall inflation, but the Fed does not see evidence of a wage-price spiral at present.
"If you look back through history, there are times when wages have moved up in a way that has fostered persistent inflation and that hurts everyone," he told the Senate Banking Committee in a hearing to consider him for another term as Fed chair. "We don't see that right now, but we do see these are the biggest wage increases in decades, so we're watching carefully."
Productivity gains and rising profits should help U.S. firms absorb the cost of higher wages, muffling the inflationary impact of a job market boom and increased worker bargaining power, Cleveland Fed economist Robert Rich told MNI this week.
Powell said the labor market has recovered "incredibly rapidly" since June, with the unemployment rate dropping more than three-tenths a month on average. Unemployment at 3.9% in December is "near half-century lows" and inflation is "very far above our target." The economy "no longer needs or wants the very highly accommodative policies that we've had in place to deal with the pandemic and the aftermath," he added. "We're moving over the course of this year to a policy that's closer to normal, but it's a long road to normal from where we are."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.