(The Center Square) – Financial markets expect the Federal Reserve to leave interest rates unchanged this week. That remains my expectation. But the case for another increase is getting harder to dismiss.

Regardless of the Fed’s decision next week, American households won’t get much relief. Prices are rising faster than wages, a frozen labor market makes finding a better-paying job harder, and borrowing costs remain stubbornly high. The recent stock market pullback adds pressure on households relying on investment gains to support their spending.

Orphe Divounguy, PhD, is Founder and Chief Economist of Quantitative Research Group, the co-host of the Everyday Economics podcast and a former Economist at Zillow. He has briefed the White House Council of Economic Advisers, testified before state legislatures, and delivers more than 30 speaking engagements annually. Orphe also has a large media footprint, typically 300-400 media mentions per quarter. He specializes in housing, labor markets, and the broader economy. More at orphedivounguy.com

Originally published on thecentersquare.com, part of the BLOX Digital Content Exchange.