For a solid decade after the collapse of Lehman Brothers ushered in a global financial crisis, there was good reason to think the U.S. economy remained broken, from skepticism about the health of the labor market to tepid economic growth and the moribund rate of interest paid on U.S. Treasury bonds.
In a heartbeat, that seemed to change this past week, adding facts on the ground to Federal Reserve Chairman Jerome Powell's glowing portrait of a historically rosy and extended period of super-low unemployment, modest inflation and steady growth.
It came through Amazon's move to a $15 minimum wage, possibly setting the bar for companies nationwide. It came through a jump in long-term bond yields that signaled faith the gears of growth will remain engaged for a record-long recovery.