Given Friday’s job report, those who have been concerned with entrenched 1970s inflation — which would lead to double-digit mortgage rates — can put their disco shoes back in the closet.

I have tried to explain that the 1970s inflation isn’t a reality, and Friday’s report should ease the fear that wage growth is spiraling out of control. Since 2022 — as the labor market has been getting hotter with massive job gains and high job openings — the year-over-year wage growth data has been details ⇒

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