This is a really trash article. It's really biased--the economist they interview is part of this group: https://internationalmanifesto.org/ https://internationa

This is a really trash article. It's really biased--the economist they interview is part of this group: https://internationalmanifesto.org/ https://internationalmanifesto.org/ Not to attack his credentials, but I think the website picked him to comment on things for a reason. Clicking around the website has a bunch of other questionable material, at least from a neutrality perspective. It is an interesting perspective nevertheless, but not without bias. That said, i think they removed some important context from the fed's position. What the chair of the fed is saying is that they want to moderate demand. Less demand means fewer open positions at companies. Fewer open positions means the labour market is not so tight, and so not such an (increasingly) high premium needs to be paid for labour. Without having to blow out the budget to hire people because you're so desperate, you don't have as raise prices so much to compensate. He's not talking about getting companies to cut wages. He wants to cut wage growth because it feeds into (in his opinion, mind you) spiraling wages. You can read the original transcription here: https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613 https://www.wsj.com/articles/transcript-fed-chief-powells-po... To tangentially answer your question: they want to do this because high inflation impacts the working class the most. They need price stability. I don't necessarily disagree mind you that corporate greed is fueling inflation more than minimum wage, but it's probably a both thing versus one or the other.