Across 19 states, minimum wage hikes just took effect—sparking the usual debate about labor economics. On one side, workers see real purchasing power gains; on the flip side, businesses worry about staffing cuts and squeezed margins. The broader picture? Higher labor costs typically feed into inflation expectations, which affects everything from consumer spending to asset valuations. For anyone tracking macro trends and their impact on market cycles, this wage-to-inflation transmission channel is worth monitoring. Expect retailers and service sectors to pass costs downstream, which could show up in CPI data within months.