Thomas Palley — More Jobs, Still Weak Wage Growth: The Federal Reserve Must Wait

Thomas Palley has a new op-ed titled More Jobs, Still Weak Wage Growth: The Federal Reserve Must Wait on the AFL-CIO page (here) and on his own web page (here).

… The [February employment] report is another in a string of strong employment reports, but it also contains depressingly familiar news about weak wage growth and millions of workers still short of work … In a manner of speaking, the economy has already been subject to a shadow interest rate hike because of the strong dollar … The implication is clear: the Fed must hold off raising interest rates … It would be foolish to jeopardize our progress in the name of fighting phantom inflation.

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