Too much of a good thing, in the form of rapidly rising wages, is expected to push Federal Reserve interest rate hikes at an even faster pace. Average hourly earnings jumped 0.7% in January and are now running at a 5.7% pace over the past 12 months, according to Labor Department data released Friday. Excepting a two-month period during the early days of the pandemic, that is by a wide margin the fastest-ever move in data going back to March 2007. While that has come as welcome news to workers, it’s posed a further quandary for the Fed, which increasingly is being seen as falling behind in terms of policy and having ... (full story)