“Marketplace” host Kai Ryssdal talks with Catherine Rampell at the Washington Post and Jeanna Smialek at the New York Times about the October jobs report and the state of monetary policy.
Average hourly earnings rose 4.1% year-over-year in October; the rate peaked near 6% in March 2022. The slowdown in wage growth is helping the Fed wrestle inflation lower.
These financial conditions include the rise and fall of the bond markets or the cost of borrowing money. The Federal Reserve does not have direct control over these conditions, but it tries to influence them.