Central bank interest rate raises are designed to take the ‘steam’ out of the economy, in large part by reducing the cost of employment - a.k.a suppressing wage growth. Latest data from Indeed Hiring Labs (must follow for economic news) suggests that wage growth acceleration may well have
indeed peaked, as the market tightens, people lose their jobs and become more desperate to work. Good timing for the RES Foundation to also come out with
Living Standard Outlook, worth reading up on both of these to get some sort of balanced view on economic theory and practice + societal impact.