US Wages Trail Inflation Since Pandemic Onset

US consumer prices have climbed 31.3% since April 2020, according to Bureau of Labor Statistics data tracked by FRED, reaching a fresh all-time high in September. Average hourly earnings rose just 25.9% over the same stretch, leaving workers with less real purchasing power than before the pandemic. Inflation has now stayed above the Federal Reserve's 2% target for 67 consecutive months, one of the longest such streaks in the past century. Treasuries like $TLT stay exposed to any sign the Fed's inflation fight still has room to run.