At this point, at least, the adverse wage-price interactions that played so central a role in pushing inflation higher in many past business expansions -- eventually bringing those expansions to an end -- do not appear to have gained a significant toe-hold in the current expansion. There are many reasons why the wage-price interactions have been so well-contained in this expansion.
For one thing, increases in hourly compensation have been slower to pick up than in most other recent expansions, although, to be sure, wages have started to accelerate in the past couple of years as the labor market has become tighter and tighter.