Federal Reserve needs to worry about inequality, not inflation

If Fed raises interest rates every time there is a sign of wage growth, workers' share will be ratcheted down - never recovering what was lost in the downturn

At the end of every August, central bankers and financiers from around the world meet in Jackson Hole, Wyoming, for the US Federal Reserve's economic symposium. This year, the participants were greeted by a large group of mostly young people, including many African- and Hispanic Americans.

The group was not there so much to protest as to inform. They wanted the assembled policymakers to know that their decisions affect ordinary people, not just the financiers who are worried about what inflation does to the value of their bonds or what interest-rate hikes might do to their stock portfolios. And their green T-shirts were emblazoned with the message that for these Americans, there has been no recovery.