I thought he was referring to how wages have stayed the same (especially minimum wages) while inflation has been devaluing the money
even if he wasn't referring to that, increasing the minimum wage is a bad idea, if inflation is already high, increasing the minimum wage will give those workers more money, but prices of groceries and whatnot will go up along with it, making products already more expensive even more expensive due to the costs of paying more for workers (this may not apply to major multi billion dollar corporations for example: walmart or mcdonalds, but ive barely payed any attention to those companies as a whole), money being placed into bank reserves would make sense as an inflation deterrent as money previously in circulation isn't in circulation, therefore decreasing inflation as the value of money goes up, and if the economy enters a recession could easily be re-introduced into the market, there are a bunch of other monetary and fiscal policies the government could follow besides that anyways
