Mohamed El-Erian, professor at the Wharton School and chief economic advisor at Allianz, says the war, among other things, is wearing down confidence in the U.S. and its “ability to inform and influence outcomes.”
Two inflation reports drop this week, but neither captures the full picture of what's happening to prices in real time. The gap comes down to a trade-off economists know well: speed versus comprehensiveness.
The New York Fed’s survey shows people expect inflation to hit 3.4% in a year. That’s up from an expectation of 3% in February, before the war in the Middle East started.