Wall Street Journal: “The stretch of higher inflation—which many economists now expect to linger—is weighing on policy decisions at the Federal Reserve and starting to have a broader impact on the overall cost of living, wages and social benefits programs.”
“The Social Security Administration said on Wednesday that higher inflation would trigger a 5.9% increase for Social Security benefits that seniors and other Americans receive, the largest increase in nearly 40 years. It also will increase Social Security taxes for high-wage workers. Last week, the Labor Department said employers increased wages in September by 4.6% compared with a year ago, a pickup from previous months.”
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