> overly simplistic conclusion Dominant first order and second order effects often have simple sounding narratives. Inflation, interest rates, and growth are

> overly simplistic conclusion Dominant first order and second order effects often have simple sounding narratives. Inflation, interest rates, and growth are complex relationships. The Fed's actions on the market are however simple instruments. The above comment points out that since the Fed started using modern monetary theory to regulate the economy. Wages and Productivity have decoupled, while one may not cause the other - it's reasonable to hypothesize a relationship based on bargaining power.