El-Erian warns of ‘cost-of-living crisis,’ says Fed rate hikes could cause recession
The Federal Reserve's efforts to fight inflation threaten to sink the U.S. into contraction, according to economist Mohamed El-Erian.
The Federal Reserve's efforts to fight inflation threaten to sink the U.S. into contraction, according to economist Mohamed El-Erian.
Home prices picked up steam again in January after a brief pullback, even as mortgage rates increased.
Post-Covid rebounds in the leisure and hospitality and business sectors continued last month and helped drive a strong March jobs report.
Nonfarm payrolls were expected to rise by 490,000 in March, according to Dow Jones estimates.
The personal consumption expenditures price index increased 5.4% from the same period in 2021, the biggest jump going back to April 1983.
Private payrolls expanded by 455,000 for the month, the firm said, about in line with the Dow Jones estimate of 450,000.
A sharp increase in mortgage rates causes a plunge in refinance demand.
There were 11.27 million openings in the month, which left a record 5 million more openings than available workers.
Philadelphia Federal Reserve President Patrick Harker said Tuesday that he doesn't think the U.S. is heading for recession.