Wage hikes are coming to the working class in the US. Starting January 1st, 19 states will bump up their minimum wage, with three more states following suit later in the year. This could be a bigger deal than it sounds—when you've got millions of people at the lower end of the income spectrum suddenly with more cash in hand, consumer spending patterns shift. That ripples through markets, inflation expectations, and ultimately affects Fed policy decisions. Worth keeping an eye on if you're thinking about the macro backdrop for assets.