17:I[66739,["/_next/static/chunks/0.3dg.jzl0xwf.js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C","/_next/static/chunks/05hx6kuf6-oy4.js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C","/_next/static/chunks/0~heydqc5smtk.js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C","/_next/static/chunks/0juapqyy99ga..js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C","/_next/static/chunks/0n1.gwovf1vi..js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C","/_next/static/chunks/06dn~uer6.43l.js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C"],"default"] 19:I[38632,["/_next/static/chunks/0qqtp3r0h7kah.js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C","/_next/static/chunks/0iukvycbd42rl.js?dpl=dpl_AKCjjFSX5DBQtwrUxMDn9jBjYq4C"],"IconMark"] 18:T540,

Jeffrey Klingelhofer says recent inflation data reflects crosscurrents from oil prices and geopolitics, but emphasizes labor and wage trends as the more important forward indicators. He notes consumers, including higher earners, are trading down, while companies like Walmart (WMT) absorb rising costs. Klingelhofer adds this dynamic could weigh on employment and margins as the Fed heads into its next policy decision.

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Inflation Crosscurrents: Oil, Wages, and What the Fed Watches Next

Schwab Network

Inflation Crosscurrents: Oil, Wages, and What the Fed Watches Next