On CNBC multiple commentators have opined that the Fed is going to need to continue to take action (increased interest rates) to fight inflation. Unemployment is too low and wages keep going up so until wages stop going up and unemployment goes up the fed will continue to raise rates.
This is from a Dem administration. At the same time the dems are always complaining about wage stagnation. When wages start to go up what do they do? Try to get them to go back down.
Inflation and Wages Continue to Climb Rapidly, in Bad News for the Fed
The Federal Reserve’s preferred inflation measure showed that price gains remained fast in September, and a gauge of wages it watches closely is climbing quickly.
Economic data on Friday brought troubling news for Federal Reserve officials who are trying to rein in the fastest inflation in decades: Prices are still rising quickly. Wages are rising rapidly too. And the strong consumer demand that is helping to fuel the inflationary fire shows little sign of letting up.
https://www.nytimes.com/2022/10/28/business/fedeal-reserve-inflation-wages.html