Mohamed A. El-Erian said the Fed’s updated macroeconomic and policy rate projections indicate officials are waiting to factor in recent events, including hotter-than-expected January–February inflation, the disappointing February jobs report, and the “big elephant in the room”—the impact of the war in the Middle East.

2026-03-19

Mohamed A. El-Erian said the Fed’s updated macroeconomic and policy rate projections indicate officials are waiting to factor in recent events, including hotter-than-expected January–February inflation, the disappointing February jobs report, and the “big elephant in the room”—the impact of the war in the Middle East.