Wages are showing their fastest gains since the last recession ended. Average hourly earnings advanced by 2.9 percent over the 12 months ended in December, the most since June 2009, following a 2.5 percent boost the prior month.
This is not what a recession looks like.
It looks, rather, like price inflation is starting to heat up. The idea that the Fed will cut rates under these conditions is absurd and only held as a serious view by the most delusional Austrian-lites.