<i>wages are moving up at levels that are unsustainably high and not consistent with low inflation</i><p>Oh, good to know. Housing prices in my corner of the nation (Western MA) are completely unaligned with wages, and no raise in sight. But Powell is correct, there is too much money chasing too little stuff. The current state of affairs is a demand-pull, which would requite competent industrial policy. So - no end in sight for the misery.