[thunky]

I guess I'm not thinking like an economist then. It's still not clear to me why "wage inflation is the one that has the Fed worried".

We've seen absurd asset inflation (equities, housing, crypto!) due to easy money, and the Fed just sat on their hands. So now, wages are going up and workers are finally getting a raise? No, because their wage increases aren't keeping up with their higher expenses. But wages are going up, in nominal terms, so now the Fed jumps up and rings the alarm?