The Fed’s plan to bring inflation down to 2% is failing. Raising interest rates to cool the economy and create less demand for labor isn’t working. It can take some solace that wage increases have slowed by a small percentage, but that’s not likely to continue. A new approach is needed.
We have to look at the positives. Since Biden took office, the economy has added a record 12.1M jobs. There have been fewer layoffs than expected because employers are expecting the economy to bounce back later in the year and don’t want to risk being shorthanded. These are promising economic times for the US.