To be sure, labor market tightness has not, as yet, put the current expansion at risk. Despite the ever shrinking pool of available labor, recent readings on year-over-year increases in labor compensation have held steady or, by some measures, even eased.
A plethora of literature on central banking emphasizes the importance of credibility in shaping monetary policy and in guiding the market. Credibility too is important for effective regulation. It is notable that even in everyday personal relationships, credibility is built on established competence and character. On consistency. On integrity. On good self governance.