Fed’s Bostic: Fed would have expected wages to rise more quickly, not sure why they haven’t

Atlanta Fed President Bostic

• Fed would have expected wages to be rising more quickly with unemployment so low, it’s not clear why they haven’t
• If current trends continue, wages will rise as the US ‘truly’ hits a period of labor scarcity
• Says he’s comfortable with some degree of overshooting on inflation

Translation: We’ll be right, eventually.