True, but I think the target should be that wages rise at the same rate (over the medium term) as productivity. If wages rise higher for a year, it's not an is

True, but I think the target should be that wages rise at the same rate (over the medium term) as productivity. If wages rise higher for a year, it's not an issue. But inflation (including wages) has been rising for well over a year now. Now, it is also true that if wages rise slower than productivity, that should also concern the Fed, and they haven't been as concerned as they should have. However, given that they switched to a positive (2%) rate of inflation for their target a few years back, they are at least acknowledging the problem. But I agree that wages rising slower than productivity ought to be acted on as well.