leave interest rates unchanged in june. leave interest rates unchanged injune. charles lieberman, who has worked at the new york fed and is now chief investment officer and advises capitol management explained the rationale. rationale. the fed has tightened rationale. the fed has tightened monetary i rationale. the fed has - tightened monetary policy quite dramatically quite quickly, basically a phase with five percentage point increase in a little more than a year. and thatis little more than a year. and that is huge. historically it is an enormous increase. and i think there is a loss of there is one view that the feds should wait to see the impact of what they ve done. any should wait to see the impact of what they ve done. any break ma be of what they ve done. any break may be short of what they ve done. any break may be short lived. of what they ve done. any break may be short lived. us - may be short lived. us inflation are still running well above the feds
for many firms to find workers. there is a shortage of workers. that means that many firms are hoarding labour even when they re audible to slow down, they re audible to slow down, they know they will have difficulty getting skilled workers in all people who know how to do the job, so they hoard them, otherfirms hoard them, other firms therefore hoard them, otherfirms therefore are really scrabbling around to find new workers. so that s an issue. yesterday we had the labour market data, we had the labour market data, we had significant health, really, in the level of nominal wages, partly because minimum wages went up as well. but very sticky wage inflation and that s one of the reasons driving our inflation rates. we ve had 18 months of falling real wages. employment levels are above pre pandemic high but the rate remains sluggish. just ask the junior doctors. is the wage growth we ve been seeing recently notjust the labour market playing