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Powell Answers Question On How The Labor Market Drives Inflation

FED
  • Powell answers a follow-up on how the labor market drives inflation:
    • In early 2021 inflation was coming from strong demand largely for goods...not really about the labor market or wages. As you moved into 2022-23, an important part of getting inflation down, esp in ex-housing services, to getting wage inflation back to a level that is consistent with 2% inflation. Wages have moved broadly down but at a quite gradual pace. That's the finding of the Bernanke - Blanchard paper a few weeks ago.
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