ROSENBERG: The Fed just unloaded a pile of evidence that the US economy is in the 9th inning

Gluskin Sheff

• The Federal Reserve's Beige Book released Wednesday was loaded with anecdotes describing how hard it is for employers to find enough skilled workers. 
• As the labor market hits its capacity limits, the cost of workers is at an inflection point where the cost of labor is going to accelerate far more before.  
• This has several implications, all good for Main Street and none very good for Wall Street.

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When I discuss that we are late cycle, and use the baseball analogy, the two responses I get the most are "we’re going into extra innings" or "it may be the eighth or ninth, but the innings are getting much longer so the fat lady ain’t gonna be singing for a long long time." 

Wishful thinking. A clear case of hope triumphing over experience.

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