UBS On-Air: Paul Donovan Daily Audio 'Tight labor markets, or tight budgets?'
UBS On-Air: Market Moves - En podcast av Client Strategy Office
The Federal Reserve minutes were anxious about the tightness of the labor market. The financial markets were anxious about the Fed’s anxiety. The weird thing is that US real wages have been breaking all records—and not in a good way. The year-over-year rate of real wage growth has been negative for 22 consecutive months. With such a collapse in living standards, the Fed’s relative focus on labor-led rather than profit-led inflation seems peculiar.
