“We have not made substantial further progress toward our labor market objective,” Mr. Clarida said Wednesday, speaking to business economists on a webcast.The demand surge that seemed to drive the monthly price gain in April — the one pushing travel costs higher, for instance — struck some economists as being exactly the kind of reopening bump that the Fed has so often said it can tolerate.“It shows the services side of the economy is reawakening,” said Sarah House, a senior economist at Wells Fargo. “This is largely what the Fed expected, it’s just coming faster and with larger force.” …
