Services X Shelter Drives Nominal Wages

For me labor market capacity drives real wages so in other words if you've got the bargaining power to go and see your boss and say you want to raise and inflation is at 2%. You might get like a race of like 4, 5% and you know that's not going to be a much over worry for power. The problem is when you've got your full capacity in an inflationary environment you're going to need 15 or 10%, which isn't happening. So I think another number like that and Powell himself will be convinced but he already said that wages was not a problem.

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