{"id":1743617,"date":"2022-11-18T06:06:08","date_gmt":"2022-11-18T11:06:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1743617"},"modified":"2022-11-18T09:48:05","modified_gmt":"2022-11-18T14:48:05","slug":"fed-board-member-pitches-cutting-employee-raises-to-fight-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-board-member-pitches-cutting-employee-raises-to-fight-inflation\/","title":{"rendered":"Fed Board Member Pitches Cutting Employee Raises to Fight Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffed-board-member-pitches-cutting-employee-raises-to-fight-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1743617&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/original_Waller.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>A member of the <a href=\"https:\/\/thepostmillennial.com\/breaking-fed-hikes-interest-rate-by-75-basis-points-marking-highest-increase-since-1994\">Federal Reserve&#8217;s<\/a> six-member board, <a href=\"https:\/\/www.federalreserve.gov\/aboutthefed\/bios\/board\/waller.htm\">Christopher Waller<\/a>, speaking from Phoenix, <a href=\"https:\/\/thepostmillennial.com\/breaking-arizona-election-results-delayed-until-after-weekend-maricopa-officials-say\">Arizona<\/a> on Wednesday, said that &#8220;wage growth&#8221; has been contributing to <a href=\"https:\/\/thepostmillennial.com\/flashback-biden-said-inflation-was-temporary-1-year-ago\">inflation<\/a> and the solution was for companies to end raises for staff, especially in service sector jobs such as for retail, transportation, and food service workers.<\/p>\n<p><a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11437681\/Fed-tells-employers-STOP-giving-pay-rises-order-bring-inflation-down.html\">According to the Daily Mail<\/a>, Waller said, &#8220;Wage growth has been a contributing factor to inflation, especially in the service sector, so it is important to get the labor market into better balance to bring future wage growth down to a more sustainable level that will assist in moving overall inflation lower.&#8221;<\/p>\n<p>&#8220;At any other time, I would be pretty unhappy about slowing growth, but not now,&#8221; Waller added.<\/p>\n<p>The <a href=\"https:\/\/www.federalreserve.gov\/aboutthefed.htm\">Federal Reserve<\/a> is the central bank of the United States. Unlike the <a href=\"https:\/\/home.treasury.gov\/\">Treasury Department<\/a>, which manages federal spending of government funds, the <a href=\"https:\/\/www.federalreserve.gov\/faqs\/about_12799.htm#:~:text=The%20Federal%20Reserve%2C%20like%20many,the%20public%20and%20the%20Congress.\">Fed is not a part of the federal government.<\/a> The Fed&#8217;s goal is to engineer America&#8217;s monetary policy to &#8220;<a href=\"https:\/\/www.federalreserve.gov\/aboutthefed.htm\">promote the stability<\/a> of the financial system.&#8221;<\/p>\n<p>Since Joe Biden took office the country has faced consistent <a href=\"https:\/\/thepostmillennial.com\/bidenflation-consumer-prices-surge-to-40-year-high\">record high inflation<\/a>, soaring at rates not seen in 40 years.<\/p>\n<p>Comer added, &#8220;While there was roughly one job vacancy for every job seeker in what was a strong labor market before the pandemic, now there are almost two jobs for every person looking for work.&#8221;<\/p>\n<p>&#8220;Business contacts tell me of empty offices and idle production capacity because employers cannot find workers,&#8221; he added.<\/p>\n<p>&#8220;Wages have been rising more quickly than they have in decades, much faster than productivity growth plus 2 percentage points that I think of as consistent with the FOMC&#8217;s 2 percent inflation objective,&#8221; Comer said.<\/p>\n<p>FOMC is the Federal Open Market Committee which has stated that the Fed&#8217;s goal is to bring America&#8217;s inflation rate down significantly to 2 percent from its current 7.7 percent.<\/p>\n<p>Comer&#8217;s recommendation for employers to end giving raises to fight inflation comes after the Fed has hiked interest rates by <a href=\"https:\/\/thepostmillennial.com\/breaking-fed-hikes-interest-rate-by-75-basis-points-marking-highest-increase-since-1994\">.75 basis points<\/a> over the summer.\u00a0<\/p>\n<p>According to the Daily Mail, Fed officials say that restricting the job market by cutting raises is part of their &#8220;nuanced&#8221; approach&#8221; to fighting inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A member of the Federal Reserve&#8217;s six-member board, Christopher Waller, speaking from Phoenix, Arizona on Wednesday, said that &#8220;wage growth&#8221; has been contributing to inflation and the solution was for<\/p>\n","protected":false},"author":1,"featured_media":1743620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1743617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1743617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1743617"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1743617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1743620"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1743617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1743617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1743617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}