You're probably not getting a big raise this year. But don't worry, it's for the good of the economy.

• Wage growth has slowed; average hourly earnings increased 4.1% year over year in October.
• The Fed may not need to do more aggressive rate hikes soon as inflation cools.
• Even with the slowdown, wages might be catching up to inflation.

Wage growth has slowed, and inflation has been broadly cooling. It's exactly what the Fed wants to see: The US avoiding a never-ending inflationary wage-price spiral.