The employment cost index for the fourth quarter of 2022 was released on Tuesday, and the data indicated that wage growth has slowed for American workers. While wages and benefits grew overall, it was at a more gradual pace than in previous quarters. This suggests that unlike the Federal Reserve's fears, wage gains are not causing inflation to persist in this case. As a result, economists predict that these trends will lead the Fed to ease its its tightening cycle and the raising of interest rates in the upcoming months.
See "While many US workers experienced wage gains in 2022, data indicates this has not perpetuated high inflation", Christopher Rugaber , Associated Press, January 31, 2023