No. of Recommendations: 1
Another reason could well-be the Fed's typical focus on the Labor Market and in this case how robust the Labor Market is in spite of interest rate hikes over the past year.
Note:
'The underlying strength of the services sector of the economy is still very robust, and that's where I think a lot of us are focusing our attention,' Neel Kashkari, the president of the Federal Reserve Bank of MinneapolisThe Federal Reserve is well-aware that core price inflation currently is driven by corporate profits and not wages, however they can't concede their long-enshrined belief that low unemployment drives wages and thus inflation. In the current inflationary cycle, corporate profits has drive price inflation and not wages. While corporate profits have surged in the last four quarters wages have only risen 5%, not even keeping up with inflation.
theguardian.com - Fed interest rate hikes inflation robert reich 