What the Fed's Beige Book Says About U.S. Inflation

The video discusses the tightness of the labor market and its impact on wage increases and inflation. It highlights the flattening of the Phillips curve and the ongoing labor shortages leading to wage pressures. The discussion also covers economic predictions for 2017, with a focus on the Beige Book and Orange Book's insights. Additionally, the video analyzes consumer spending trends, particularly in the auto market, and examines whether peak auto sales affect overall consumer spending.

What are the implications of the current labor market conditions for future wage trends?

Discuss the relationship between auto sales and consumer spending as mentioned in the text.