Robert Samuelson Gets It Right on the Fed and Interest Rates

Robert Samuelson used his column on Monday to debate the need for the Fed to clamp down on wage growth and came down on the right side: hurry up and wait. This is good to see, but there are a few more data points that make the case even more strongly.

First, the quit rate -- the share of unemployment due to people voluntarily quitting their jobs -- is still at levels that we would expect in a recession. This is important because it is a relatively direct measure of workers' confidence in thei...