was an improbably popular slogan among conservatives of the 1960s and ’70s. It now looks like a good maxim for considering inflation and interest rates.
It’s up 50 basis points since the Federal Reserve announced that it would hold its rate target steady It now looks like June’s low of 105,000 was the outlier rather than the beginning of a trend toward softer jobs numbers. The figures also show that—and because of that, continue to underestimate the persistence of inflation and higher rates.
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