Ed Elson

And that probably goes back to inflation.

How bad is this inflation problem?

Yes, it's nice that we have this employment problem out of the way, we think, based on the jobs report.

But I guess my question to you is, given what you're seeing in the inflation, given how quote-unquote good this jobs report actually was, how likely is a rate hike really?

I can't wait.

This is exactly what we do.

Good news is bad news.

Contradictions, that's what it's all about.

Just before we wrap here, the one thing I'd like to point out is wage growth, which wages rose 3.4%, but inflation is currently at 3.8%.

This is the bad thing, if we're talking just from a purely economics perspective, which is that real wages are falling.

I just wanted to get your read on what we're seeing in terms of wages.

This seems like...

not a good trajectory, and I wonder if it's going to continue.

All right.

Justin Wolff is Professor of Public Policy and Economics at the University of Michigan, founder of Platypus Economics.

Justin, thank you for cutting through the noise with us.

We really appreciate it.

Great pleasure, mate.

We'll be right back.

And for even more markets content, sign up for our newsletter at profgmarkets.com.