'If wage growth is now more or less in line with the 2% target, then the Fed can hold off on further rate hikes.'
Hopefully, it would then allow the economy to continue to grow with the unemployment rate remaining near 3.5%.
And, we are also likely to see less inflation in food prices. The wholesale prices of many items, most notably eggs, has fallen sharply in the last couple of months. This should show up in lower prices in stores. I was wrong in a very big way. The January number was obviously real and the economy is still creating jobs at a very rapid clip.
I ordinarily would not be cheering slower wage growth, but the reality is that the Fed is determined to bring inflation down towards its target. If wages are growing at a pace that is faster than is consistent with its target, it will keep raising rates, and throwing people out of work, until wage growth slows.
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