, with its dependence on mortgage rates, which have risen substantially since the Fed unleashed its anti-inflation campaign.But higher rates take longer to have an effect on business and prices in services industries, like hotels, bars and restaurants, where labor costs weigh heavily. And the job market has been remarkably resilient in the face of increased borrowing costs. Employers have added a healthy average of 314,000 jobs a month so far this year. And at 3.7%, the U.S.
Workers, as a whole, may finally be getting some relief from higher prices. Hourly wages rose faster than inflation last month for the first time since March 2021, according to the Labor Department. They senators noted that banks have sharply increased their capital buffers since the financial crisis of 15 years ago.