Powell’s Luck on Wages Is Running Out, Expert Says

I’m Rich Miller, an enterprise writer on the economy in Washington, and today we’re looking at the labor market’s surprising resilience to higher interest rates. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X via @economics. And if you aren’t yet signed up to receive this newsletter, you can do so here.

Many economists anticipated that bringing down high inflation would come at the cost of significant damage to the labor market. But so far, Federal Reserve Chairman Jerome Powell has been able to make notable progress at minimal cost.