One-in-a-million shot: I agree with a WSJ editorial
The WSJ cited Richmond Fed President Jeffrey Lacker, the one dissenting vote at yesterday’s Fed meeting, who found the 4.2% increase in unit labor costs in yesterday’s productivity report to be a strong piece of evidence supporting the need to raise rates.
I have been reading the Wall Street Journal and its editorial pages for about 30 years. In many recent cases I have skimmed these pages because I feared that reading them in detail would cause me to spontaneously empty the contents of my stomach.
This morning’s editorial was the first time I can remember actually agreeing with a WSJ editorial. I guess if you live long enough, such coincidences are bound to happen.