Treasury Secretary Janet Yellen said that it’s the Federal Reserve’s job to avert any wage-price spiral and that she understands the “reasoning” behind plans at the central bank to scale back its asset purchases. Wage and price behavior will be the key signs to watch to detect whether the U.S. economy is “overheating,” Yellen said, speaking virtually on Thursday to a conference organized by Reuters. Yellen said that she isn’t currently seeing signs of any such cycle of wage gains spurring consumer prices and further increases in employment costs that then boost inflation. However, the labor market is tight, as ... (full story)