Wage growth is not a leading indicator of inflation: Fed's Goolsbee
Published . Updated .
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CNBC's Steve Liesman discusses the inflation dynamic in the U.S. economy, the recent CPI and PPI reports, how the Federal Reserve may be thinking about interest rates with Austan Goolsbee, president of the Federal Reserve Bank of Chicago.
Directly affected
- No company is named in this report.
Indirectly affected
- TLT iShares 20+ Year Treasury Bond ETF+0.2% 17d
iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story.
- IEF iShares 7-10 Year Treasury Bond ETF+0.1% 17d
iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story.
- TIP iShares TIPS Bond ETF+0.7% 17d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- BAC Bank of America-12.4% 30d
Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- JPM JPMorgan Chase-1.4% 30d
JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- WMT Walmart+19.7% 30d
Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
- COST Costco Wholesale+18.6% 30d
Costco Wholesale (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
- PG The Procter & Gamble+16.0% 30d
The Procter & Gamble (soap, detergents, cleang preparations, perfumes, cosmetics): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| TLT | +2.75% | +1.45% | base | -0.35% | after close | after close | after close |
| IEF | +1.79% | +0.89% | base | -0.02% | after close | after close | after close |
| TIP | +1.44% | +0.49% | base | +0.06% | after close | after close | after close |
| BAC | -2.23% | +0.32% | base | -0.01% | after close | after close | after close |
| JPM | -2.42% | -0.21% | base | +0.51% | after close | after close | after close |
| WMT | -0.55% | -0.53% | base | +1.24% | after close | after close | after close |
| COST | -3.59% | -2.42% | base | +0.97% | after close | after close | after close |
| PG | -1.60% | +0.32% | base | +1.21% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Wage growth is not a leading indicator of inflation: Fed's Goolsbee CNBC
Source: CNBC
Ishares Tr (TLT) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Bank Of America (BAC) | that day | -0.01% | still updating |
| Bank Of America (BAC) | three days earlier | +0.32% | final price |
| Bank Of America (BAC) | five days earlier | -2.23% | final price |
| Costco Wholesale (COST) | that day | +0.97% | still updating |
| Costco Wholesale (COST) | three days earlier | -2.42% | final price |
| Costco Wholesale (COST) | five days earlier | -3.59% | final price |
| Ishares Tr (IEF) | that day | -0.02% | still updating |
| Ishares Tr (IEF) | three days earlier | +0.89% | final price |
| Ishares Tr (IEF) | five days earlier | +1.79% | final price |
| Jpmorgan Chase (JPM) | that day | +0.51% | still updating |
| Jpmorgan Chase (JPM) | three days earlier | -0.21% | final price |
| Jpmorgan Chase (JPM) | five days earlier | -2.42% | final price |
| Procter & Gamble (PG) | that day | +1.21% | still updating |
| Procter & Gamble (PG) | three days earlier | +0.32% | final price |
| Procter & Gamble (PG) | five days earlier | -1.60% | final price |
| Ishares Tr (TIP) | that day | +0.06% | still updating |
| Ishares Tr (TIP) | three days earlier | +0.49% | final price |
| Ishares Tr (TIP) | five days earlier | +1.44% | final price |
| Ishares Tr (TLT) | that day | -0.35% | still updating |
| Ishares Tr (TLT) | three days earlier | +1.45% | final price |
| Ishares Tr (TLT) | five days earlier | +2.75% | final price |
| Walmart (WMT) | that day | +1.24% | still updating |
| Walmart (WMT) | three days earlier | -0.53% | final price |
| Walmart (WMT) | five days earlier | -0.55% | final price |
Congressional trades in the stocks in this story
- Sen. John Boozman bought Ishares Tr (IEF) (jointly held), worth $1,001 - $15,000 on 9 Sep 2026. That is 65 days before publication. Filed 21 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 20 Oct 2026. That is 24 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a dependent child), worth $1,001 - $15,000 on 13 Oct 2026. That is 31 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 9 Sep 2026. That is 65 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a dependent child), worth $1,001 - $15,000 on 15 Oct 2026. That is 29 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a spouse), worth $100,001 - $250,000 on 8 Oct 2026. That is 36 days before publication. Filed 5 Nov 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM) (held by a spouse), worth $15,001 - $50,000 on 4 Sep 2026. That is 70 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a dependent child), worth $15,001 - $50,000 on 13 Oct 2026. That is 31 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 7 Oct 2026. That is 37 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 42 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST), worth $100,001 - $250,000 on 13 Oct 2026. That is 31 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 12 Oct 2026. That is 32 days before publication. Filed 5 Nov 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares Tr (TLT)
Companies mentioned with this story
- TLT Ishares Tr
Ishares Tr (TLT) is linked, with no stored direction, medium confidence in the 13 Nov 2026 story “Wage growth is not a leading indicator of inflation: Fed's Goolsbee.” Reason on file: iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
- IEF Ishares Tr
For “Wage growth is not a leading indicator of inflation: Fed's Goolsbee,” Ishares Tr (IEF) is linked, with no stored direction, medium confidence. Reason on file: iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
- TIP Ishares Tr
Ishares Tr (TIP) is linked, with no stored direction, medium confidence in the 13 Nov 2026 story “Wage growth is not a leading indicator of inflation: Fed's Goolsbee.” Reason on file: iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story
- WMT Walmart
Walmart (WMT) is linked, with no stored direction, medium confidence in the 13 Nov 2026 story “Wage growth is not a leading indicator of inflation: Fed's Goolsbee.” Reason on file: Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
- JPM Jpmorgan Chase
For “Wage growth is not a leading indicator of inflation: Fed's Goolsbee,” Jpmorgan Chase (JPM) is linked, with no stored direction, medium confidence. Reason on file: JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- COST Costco Wholesale
Costco Wholesale (COST) is linked, with no stored direction, medium confidence in the 13 Nov 2026 story “Wage growth is not a leading indicator of inflation: Fed's Goolsbee.” Reason on file: Costco Wholesale (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
- BAC Bank Of America
Bank Of America (BAC) is linked, with no stored direction, medium confidence in the 13 Nov 2026 story “Wage growth is not a leading indicator of inflation: Fed's Goolsbee.” Reason on file: Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- PG Procter & Gamble
For “Wage growth is not a leading indicator of inflation: Fed's Goolsbee,” Procter & Gamble (PG) is linked, with no stored direction, medium confidence. Reason on file: The Procter & Gamble (soap, detergents, cleang preparations, perfumes, cosmetics): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
Ishares Tr (TLT)
On 13 Nov 2026, “Wage growth is not a leading indicator of inflation: Fed's Goolsbee” is the story that connects Ishares Tr (TLT) to this story.
For Ishares Tr (TLT), the reason on file says iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
Ishares Tr (IEF) is here too. Its reason reads: iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
The price range for Ishares Tr (TLT), and the dates in the story
IEF traded between 88.64 and 90.69 across 14 sessions. The latest close on file is 90.08. TIP traded between 103.77 and 105.61 across 14 sessions. The latest close on file is 105.27. TLT traded between 76.44 and 80.56 across 14 sessions. The latest close on file is 79.46.
What the saved facts support for Ishares Tr (TLT)
46 out of 100Price not final
“Wage growth is not a leading indicator of inflation: Fed's Goolsbee” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.