Surveillance: Fed Skip with Luzzetti
Bloomberg Surveillance
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The Fed's Game Plan for the Next Six Months
I think what you will see is that wages will come down materially as the labor market weakens. They talk about wages being a very important input into that X service, the core services, X shelter component. We think it's an important, overall labor market is an important input into rental inflation. To get back to 2% sustainably, I think you need a softer labor market and you, the Fed needs wage growth to come down closer to 3%.
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