Fed Governor Bowman just called for rate pauses citing energy and tariffs as the inflation culprit — but (https://www.cnbc.com/2026/05/29/feds-bowman-warns-against-hiking-interest-rates-due-to-inflation-spike.html), which is NOT energy or tariffs. That's wage persistence. You can't cut your way out of wage inflation; you have to contract demand.

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