As the Biden administration continues to do everything it can to push up wages (minimum wage increases, banning non-compete clauses, pro-unionization policies, "Buy America" provisions) the Federal Reserve continues to do what it can to suppress inflation.
For the Fed, the most important way to suppress inflation is to ensure wage inflation does not take off (too late!) or become entrenched (has not occurred yet).
So we have a rather critical struggle going on at the very apex of economic policymaking. The outcome of that struggle will determine the path of interest rates, bond prices, and ultimately, the equity markets.