The economic boom spurred by the federal government during the pandemic gave us too many jobs. That needs to change.
If you want to keep the Federal Reserve on a slow course to raise interest rates to a reasonable level — let's call it 3.5% — we need to see three things: Big layoffs in the thousands A suspension of buybacks to preserve cash Store closings and promotions that save a middle class consumer in the throes of inflation everywhere We are beginning to see a smarter consumer spending less, both at the store and on vacation.
We are beginning to see a smarter consumer spending less, both at the store and on vacation. The former is because of the exorbitant price increases in every aisle and the latter is much more because the airlines have made traveling too unpredictable. Price increases still seem inevitable. It's almost as if every company is pushing higher costs through to consumers, but none seem to have geared up for the price hikes except, which shows you why its performance is so solid. I do fear it will take a Justice Department case against a group of producers to demonstrate some sort of price fixing, but those cases are hard to win, let alone to bring. Nevertheless, there does seem to be plenty of gouging.
Now we are on the more intractable side — wages and rents and food — and these are truly difficult for a Fed to beat with its blunt instruments.
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