Is it because he is personally upset with paying more for a Chipotle burrito or is it because that's where there's been actual upward pressure on wages? It's funny you mentioned the personal thing. But I think more seriously, what Powell would say is you're seeing wage pressures there. We can also add that services are just a huge part of the economy, right? There's far more of that than there is manufacturing now.
Featuring historian Tim Barker on the state of monetary politics amid the current fight over inflation.
Check out my July 2021 interview with Barker if you want a more expansive primer on inflation thedigradio.com/podcast/inflation-politics-with-tim-barker
Support The Dig at Patreon.com/TheDig
Check out our brilliant newsletter and vast archives at thedigradio.com