Some fifty people on Tuesday will pour into a windowless conference room in Washington D.C., for the first of two days of intensive discussion on the economy, inflation and interest rates. But maybe the most important development for markets this week will not come from the Federal Reserve who are holding those discussions but from Friday’s release of the employment cost index, probably the most highly regarded of the different wage measurements that are available.
Expectations are that the ECI will tick only a tenth slower,…
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