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Economy
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May Jobs Report Shows 122,000 Gains as Fed Grapples With Inflation
Workers' wages are lagging price growth, with average hourly earnings up 3.6% annually while prices jumped 3.8%, compressing household purchasing power.
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Higher for Longer Means Repricing Cheap Money
Markets must price a restrictive but not recessionary regime, where credit tightens, refinancing costs rise, and cheap money no longer anchors multiples.
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Higher-for-Longer Ends Cheap Money
Money now carries a real cost because inflation stays above target and growth is still resilient enough to keep policy restrictive.
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