Traders selling gold and buying dollars on the larger than expected gain in wages have it wrong. The jump is a result of inflation not economic growth. Meanwhile higher interest rates will slow what growth we have, and put even more upward pressure on consumer prices.

Traders selling gold and buying dollars on the larger than expected gain in wages have it wrong. The jump is a result of inflation not economic growth. Meanwhile higher interest rates will slow what growth we have, and put even more upward pressure on consumer prices.

— Peter Schiff (@PeterSchiff) February 2, 2018