No immigrants to get the job done

A global increase in migration to developed markets is underway—the most likely solution to the labor shortages. In the medium run, it should also be disinflationary.

This was a heavy week for central banking, featuring an inflation report, a Fed meeting, and an ECB meeting. Most importantly, the Fed delivered on the pause/skip we anticipated here, preferring to wait for another slew of data before determining its next move.

RBNZ and Fed: Pausing for effect

Critical though central banks are, they are not in full control of inflation. Indeed, many of…