Jobs Report Shows Wage Growth Slowing to 3% as Eric Wallerstein Argues There Was "No Reason" for Fed Rate Hike

Today's jobs report showed that wage growth decelerated from 3.8% year-over-year to just 3%. That's nearly a full percentage point in under a year, even as labor force growth sits at zero.
Eric Wallerstein () argues that, combined with core CPI around 2.3-2.4%, "there was just no reason" for the Federal Reserve to hike rates last month.