The Future of Wages

Real income gains that mirrored the loss endured in 2021 and 22 caused a tremendous global economic rebound. This was compounded by easing financial conditions as we priced out immediate recession risk. The services sector recovery in 2023 allowed firms to rebuild profits opportunistically, despite much lower input prices. And you would actually find the same is true if you're looking at like PPI versus CPI charts, that would tell you exactly the same thing. Right? So this covers clearly why consensus started 2023, totally wrong footed. But your expertise is the future. Obviously, it's all about what happens going forward.