Tim Dewey

Basically, what the Federal Reserve does is instruct the desk, the New York Fed, to carry out the policy as stated.

Basically, what the Federal Reserve does is instruct the desk, the New York Fed, to carry out the policy as stated.

The New York Fed is the agent for the Federal Reserve that buys and sells or purchases and sells treasury securities in order to follow the objectives of the FOMC as far as interest rate policy.

The New York Fed is the agent for the Federal Reserve that buys and sells or purchases and sells treasury securities in order to follow the objectives of the FOMC as far as interest rate policy.

I mean, you also might want to talk to somebody who's really nitty gritty into the details, right?

I mean, you also might want to talk to somebody who's really nitty gritty into the details, right?

True.

True.

So I did.

So I did.

That's Tim Dewey, chief U.S.

economist at SGH Macro Advisors.

He says even though there's less demand for labor, the supply has been shrinking too, thanks in large part to the Trump administration's crackdown on immigration.

As a result, Dewey says labor supply and demand have been coming into balance.

El crecimiento del salario ha comenzado a estabilizarse.

Hemos visto que las ganancias anuales, o el crecimiento del salario, se han bajado entre 3.7 y 4%.

En general, un ritmo estable de crecimiento de salarios debería apoyar el gasto de consumidores este año.

Pero Tim Dewey, de SGH Macro Advisors, dice que incluso si las restricciones de inmigración retienen la suministración de trabajo y ponen presión hacia arriba en el crecimiento de salarios...

Instead, the labor force has been growing more slowly, and that limits how much income is being earned overall, says Nicole Servi, an economist at Wells Fargo.

I'm Justin Howe for Marketplace.