For months, industry has gone back to an old pastime: hanging on every word uttered by people at the Federal Reserve.
Well, okay, that never completely disappeared, but it has been years since every word was as carefully parsed to tease out some insight into when interest rate policies might change.
Behind all the attention and careful navigation is an assumption that eventually things will go back to some version of "normal." That inflation will go back to 2%, spending will slow, wages will moderate, and unemployment will creep up toward an historically recognizable level.
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