Edward Al-Hussainy:
Wage growth as well peaked about a year ago. It's decelerating. It's not decelerating as fast as inflation, but it is decelerating.
People have come back into the labor force from the sidelines, particularly women. So the size of the pool of people available to work is higher today than it was in 2019, and that's taking a lot of pressure off of wages, and, therefore, inflation that's related to services that is connected to the labor market.
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