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The Fed's Tool Kit for the Fed
This cycle has been unique in a lot of ways. Low wage workers were hit the hardest by job losses, but are seeing the biggest wage gains upon employment and recovery. If we look at sort of the labor and price side of things, there's a lot of different things going on. A lot of the goods that are inflating, like cars, are luxury goods. Meanwhile, large wage gains for lower wage workers are certainly kind of a welcome development after years of rising wage and ality.