Taps Coogan – August 18th, 2021

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The Fed is fast running out of excuses to keep its crisis-era policy going. Not only are all official measures of inflation well above the Fed’s target for the fifth month running, but even the job market is looking increasingly hot.

Along those lines, involuntary part-time work has returned to levels last seen in 2019, which was considered one of the strongest job markets in memory.

The problem confronting the labor market is largely one of getting people to go back to work, not the availability of work. Endless accommodative policy isn’t going to help.

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