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Systematix Research Report
The heart of the Federal Open Market Committee statement and follow-up Q&A session embodies a slightly more hawkish stance than the September 2022 statement, given that the U.S. labor market remains stronger than expected despite tightening financial market conditions and slowing growth.
The impact of rate hikes so far has been visible in some sections, particularly the housing and technology sectors, but the impact on household purchasing power, wage levels and demand for labor was limited.
Average weekly earnings are still 7.8% higher based on a two-year compound annual growth rate, despite lower savings, household net worth remains high and personal loans are up 8-10%, indicating a good chance that inflation will take hold .
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