The Importance of Labor Costs in the Economy

I think labor is that central secular force, right? That's the populism piece, et cetera, that we've been talking about. But it's important to note, in the context of a month and a half ago, not that long ago, the Fed was being very activist against inflation. The deflation narrative will become front and center as people get worried about what's a short-term stagnation. And again, I think that is ultimately an opportunity for the more secular trade opportunities.

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