Sure, if you only look at "runaway" inflation and decouple wages from real economic growth. However, the present growth in wages has been backed by increased productivity. The Fed has been open about the fact that it intends to slow productivity itself.

Fed has been open about the fact that it intends to slow productivity itself (pulling sources now...)

> Fed has been open about the fact that it intends to slow productivity itself

Source?

Increasing productivity is basically always good as it promotes growth while fighting inflation (similar number of dollars chasing more goods).

These first couple aren't from the Fed directly, but: https://www.washingtonpost.com/business/2022/09/20/fed-inter...

> Higher rates ... are designed to slow the economy by dampening consumer demand.

> The Fed can’t do anything to boost chip manufacturing or build more houses, which would fix the supply side of the equation. So it has to focus on slowing down demand instead. It wants fewer people to buy new cars or put in bids for houses,

https://www.levyinstitute.org/publications/why-does-the-fed-...

https://fortune.com/2022/03/17/fed-slowdown-rates-economy-in...

Interpreting the Fed's own statements take a bit of critical reading since they're both open about it, but also aware that most of the public would have a different view if they heard and understood what was being said. So, their wording remains cautious: https://www.federalreserve.gov/newsevents/speech/cook2022113...

> When firms see rising output per hour, they have room to keep prices low. For consumer goods, this can help lower inflation.

Here the Fed demonstrates a preference that the value produced by increases in productivity shouldn't go to labor, but that their share of value should be reduced to keep prices low (aka a wealth transfer from labor to capital).

Then: https://www.federalreserve.gov/newsevents/speech/waller20221...

> I will begin with some comments on the overall outlook for economic growth and then try to explain how tighter monetary policy this year is intended to dampen demand and put downward pressure on inflation.

Here the Fed refers to wage growth and inflation as interchangeable, but even if you disregard that they state a goal of dampening demand. Perhaps the ends justify the means in terms, but it should be acknowledged that both supply and demand feed productivity. Dampening demand is tantamount to the Fed shutting down factories and keeping employees off of work. The demand for goods and services exists because they are needed inputs into other aspects of the economy. The goal is not to facilitate a productive economy, but to facilitate a stable one even if that means reducing productivity.