El-Erian: March Fed Hike Now Less Likely

The transcript discusses the implications of the ADP report, highlighting softer wage figures and their impact on the Federal Reserve's decisions. It examines market reactions, including the influence of deregulation and tax reform. The discussion also covers the challenges in wage growth, manufacturing, and the labor market, emphasizing structural issues and the need for innovation.

What factors are suggested to drive the economy forward in terms of growth and wage expansion?

How does the discrepancy between the Federal Reserve's and the White House's views on the labor market reflect on employment statistics?