Is There More Slack in the Labour Market Than You Think?

The new normal is something people have been talking about, especially with the participation rate remaining so low. Is this an inflation story to be solved in quarters or years to be fully solved? Its a solution over years. I think it's a matter of interpretation. The fed's base line interpretation of what's happening in the labor market is running really hot. But when they look at that labor market, they're seeing hot. Not everyone right? Governor waller has expressed some views about the a vacancy rate coming down without unemployment rising. That is clearly a correction of some structural issues. So the fed is open minded, as the fed always is,. Their base line has been looking at the labor