People are getting much higher wages thanks to the inflation. It's baked into the cake unless there is a recession which is severe enough to get people to ask less for their services as an alternative to not having work at all. In the past, the Fed feared a "wage and price spiral". I think that's what we have now. The Fed will continue to pussy-foot around until it becomes a crisis.
Can someone try some of the approaches here and post the summary? https://www.brookings.edu/wp-content/uploads/2019/02/Big-Data-in-the-U.S.-Consumer-Price-Index.pdf https://www.bis.org/ifc/publ/ifcb57_18.pdf https://www.sciencedirect.com/science/article/pii/S2405844023079380 https://www.bankofengland.co.uk/-/m...ced-analytics-conference-benchimol-slides.pdf