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Systematix Research Report
The crux of Federal Open Market Committee's statement and the follow-up Q&A session embodies a slightly more hawkish stance than the September 2022 statement, given the backdrop that the U.S. labor market remains stronger than anticipated despite the tightening in financial market conditions and slowing growth.
The impact of the rate hikes thus far has been visible in select sections specially the housing and the technology sectors, but impact on the spending power of households, the level of wages, and the demand for labor has been limited.
Average weekly wages are still higher by 7.8% on a two-year compound annual growth rate basis, despite the decline in savings household net worth remains elevated, and retail lending is growing at 8–10%, indicating a fair chance of inflation getting entrenched.
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