The U.S. Federal Reserve has become too data dependent and has lost sight of its overall strategy, Mohamed El-Erian, chief economic adviser at Allianz, said Friday. The economist told CNBC that a longer-term, more strategic outlook could see policymakers settle on a new inflation target of closer to 3%. "Rather...
Private payrolls increased by 184,000 in March, better than expected, ADP says
Private sector job growth expanded in March at its fastest pace since July 2023, indicating continuing buoyance in the U.S. labor market, payrolls processing firm ADP reported Wednesday. Companies added 184,000 workers on the month, an increase from the upwardly revised February gain of 155,000, which also was the Dow...
Turkey’s inflation climbs to 68.5% despite continued rate hikes
Turkey's annual inflation rose to 68.5% for the month of March, an increase on February's 67.1% inflation read, according to the Turkish Statistical Institute's report released Wednesday. The monthly rise in consumer prices came out at 3.16%, led by education, communication, and hotels, restaurants and cafes, which saw month-on-month rises...
Key Fed inflation gauge rose 2.8% annually in February, as expected
Inflation rose in line with expectations in February, likely keeping the Federal Reserve on hold before it can start considering interest rate cuts, according to a measure the central bank considers its more important barometer. The personal consumption expenditures price index excluding food and energy increased 2.8% on a...