If your data don’t encapsulate conditions similar to the conditions you’re trying to explain then you really shouldn’t use that data at all or in isolation. Thi

If your data don’t encapsulate conditions similar to the conditions you’re trying to explain then you really shouldn’t use that data at all or in isolation. This is still the post-Covid economy and the closest period to that was 1917-1922 (give or take). (Data probably aren’t that great for that period. Boo hoo) That pandemic saw a huge reversion in trends towards wage earners away from corporate power due to labor changes from millions of people dying or leaving the workforce due to illness. In the current era, policy makers seem to be making a characteristic silence on labor force shifts. (And immigration is seeing pushes to diminish supply of labor.) Also the current era sees historically high levels of market power concentration at the corporate level. Simply, if market power is ceded to an entity then changes in that market are likely caused by those power brokers and they’ll be the ones with the power to make whatever change - all else staying the same. If I’m wrong then Powell increasing rates will have the desired effects with minimal side effects. Side effects being a sign that “the lever pulled did work but only through secondary effects managing to affect the right underlying factors.” This would signify that interest rates weren’t the best way to address inflation. If I’m right, then market concentration needs to be directly addressed through regulation and oversight. Empower the workers - the people.