, Columnist
First There Was Transitory. Now Comes Intransigent
The stubbornness of sticky prices fueled partly by rising wages is what the Fed feared from the outset. It’s happening.
Workers are making demands for higher wages stick, and prices are getting stickier, too.
Photographer: Taylor Glascock/BloombergThis article is for subscribers only.
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Goldilocks should be careful she doesn’t burn her lips. After a startling US inflation report for January, it’s plain that her porridge isn’t too cold, at least not yet — but it very well might be too hot. That led to an interesting readjustment on markets, as traders pondered the possibility that Team Transitory hadn’t been right after all.