This is good news and we expect this gradual lift in wages growth to continue. Disposable income will also be boosted by the announced tax cuts. Faster income growth will support household spending. From a longer-term perspective, though, the key to boosting the real income of households is lifting productivity. I encourage you to keep examining ways to do this.
The report notes that "the assessment of central banks about their ability to deal with such market pressures depends crucially on the pressures' origins: how much came from liquidity concerns, which are amenable to central bank actions, and how much from counterparty risk or other concerns, which are beyond the reach of central bank operations.