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Article Artículo

The Fed Needs to Take Stock
In the last sixteen months, we have seen the fastest run-up in interest rates since Paul Volcker declared war on the 1970s inflation spiral. The Fed’s rate hikes to date have had less impact in slowing the economy and job growth than almost anyone anticipated, including the Fed itself. Nonetheless, inflation has slowed sharply by every measure, as has wage growth. We are now approaching rates of wage and price growth that are close to the Fed’s target. Given this situation, it is important that

Dean Baker / July 24, 2023

Article Artículo

Patent Monopolies Lead to Corruption #64,526
The New York Times ran a piece this morning claiming that Gilead delayed the introduction of a new drug for treating HIV because it wanted to take full advantage of the patent life for its drug Truvada, which was a huge blockbuster for the company. The new drug has a patent life that runs to 2031. Truvada’s patent expired in 2017.

Dean Baker / July 22, 2023

Article Artículo

June Jobs Preview: What to Expect in the June Jobs Report
The job market has been looking much more normal in recent months, although it is still arguably creating jobs at a faster rate than can be sustained over any substantial period. Wage growth has slowed markedly from its pace at the start of 2022. The recent pace of wage growth, as measured by the Average Hourly Earnings series, is only slightly higher than what we saw in 2018-2019. If this story continues with the June data, the Fed should be getting to the point where it can declare victory ove

Dean Baker / July 06, 2023