> Jerome Powell, the Fed chair, also said such a stark trade-off wasn’t needed. “Take for example in the labor market, so you have two job vacancies essentially for every person actively seeking a job, and that has led to a real imbalance in wage negotiating. You could get to a place where that ratio was at a more normal level and you would expect to see those wage pressures move back down to level where people are still getting healthy wage increases, real wage increases, but at a level that’s consistent with 2% inflation,” Powell said at the last post-Fed-meeting press conference.

You mean because people might eventually regain the buying power they had in 1975 if the so-called negotiation strength imbalance persists for a few years?