As Construction Industry Shrinks, Goldman Challenges Fed

Goldman Sachs’ Hui Shan has taken up a different angle on a point that his team leader, Jan Hatzius, has previously stated is a reason not to pull interest rates higher from the mystical zero level: workers. As previously reported in ValueWalk, Hatzius has accurately noted that hourly wages remain low and thus nudging interest ever so slightly off the odd zero level means that the Fed should wait until December, not September, to pull the trigger on raising rates from the historical oddity of zero. Never before has this observer witnessed Goldman Sachs so supportive of the middle class,…