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The Fed’s Problem With the Job Market
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Federal Reserve officials worry that rising wages will lock the economy into a high-inflation regime. The question facing policy makers is how much of a risk of that happening there actually is.
Fed policy makers seem all but certain to raise their target range on overnight rates by three-quarters of a percentage point when they meet this week, but the focus has already moved to what they will do next. On the one hand, inflation is still running hot, with the Fed’s preferred measure of inflation showing consumer prices were 6.2% higher than a year earlier as of September. It isn’t as bad as the 7% logged in July, but it hasn’t eased as quickly as either the Fed or private economists expected. So maybe the Fed should keep pumping the brakes.
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