The Federal Reserve is raising interest rates at a historically fast clip. And even as wages in general remain stagnant, central bankers are laser-focused on checking wage growth among service workers, among the lowest-wage workers in the United States.

In this interview with historian Tim Barker, which first appeared on Daniel Denvir’s Jacobin Radio show The Dig, they discuss what’s going on with inflation, the various supply- and demand-side explanations for rising prices, and why the tug-of-war between workers and employers is at the very root of it all. The transcript has been edited for length and clarity.