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Pantheon Macro: Cooling paychecks will stop the Fed from staying tight
Seeking Alpha ·
Seeking Alpha reports: September’s employment report showed a further loss of momentum in average hourly earnings, a development Pantheon Macroeconomics says is enough to keep the Federal Reserve from sustaining a prolonged tightening cycle. Average hourly earnings rose only 0.1% from August. That small gain pulled the year-over-year rate down to 3.0% from 3.1%, the slowest pace since May 2021. In a recent investor note, the firm argued that wage growth this soft limits how far policymakers…