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| As if on cue, Jerome Powell’s warning about inflation on Tuesday received the imprimatur of the job market on Wednesday. New numbers showed companies added more positions than expected last month, underscoring a hot labor market that’s keeping wage growth elevated—the latter being a key focus of the central bank. “We’re seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated,” said Nela Richardson, chief economist at ADP. Policymakers will likely scrutinize those February figures for data on payrolls and wage gains, as well as unemployment. If they all point to a jobs market that’s even a little stronger than forecast, that may be the green light for a bigger rate hike.
Ray McGuire, who spent decades as a top Wall Street investment banker and rose to vice chairman of Citigroup, is joining Lazard as the firm’s president. McGuire, 66, who ran for New York City mayor in 2021, will start in his role early next month and be based in New York.  Then-mayoral candidate Ray McGuire arrives outside Rockefeller Center in New York on June 16 before a Democratic debate. Photographer: Jeenah Moon/Getty Images North America Sri Lanka’s rupee became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout. Now Fitch says it may lose a fifth of its value against the dollar by the end of the year. For decades, China’s premiers were towering figures in Beijing. It was Zhou Enlai who toasted then-President Richard Nixon on his historic trip to the communist-led country. Zhu Rongji was the undisputed spokesman for economic reform in the late-1990s. Times have changed. When Li Qiang, 63, finally ascends to the premier’s job Saturday, he’ll inherit a position greatly diminished in both stature and authority.  Li Qiang Source: Bloomberg Silvergate Capital announced it plans to wind down operations and liquidate its bank, the latest victim of the crypto industry meltdown. Shares plunged more than 50%. Tesla is under investigation by US regulators over complaints the steering wheel can fall off certain new Model Y vehicles while they’re in use. The National Highway Traffic Safety Administration said it’s aware of two incidents in which the wheel detached from the steering column while drivers were operating the 2023 model year SUVs.  The steering wheels of new versions of the Tesla Model Y are falling off, according to complaints filed with the US government. Photographer: Qilai Shen/Bloomberg Mass firings across the US technology industry have led many business schools to loosen their admissions rules to tap a growing pool of prospective students. In mid-November, Northwestern University’s Kellogg School of Management said it would waive its standardized test requirement for terminated tech workers, and almost a dozen other MBA programs have put forth similar incentives—including waiving GMAT/GRE test scores or application fees. Larry Jackson learned the record business from legends like Clive Davis and Jimmy Iovine. Now, the former Apple executive is starting a music company of his own: Gamma. Jackson is said to have about $1 billion in available capital. Jackson has already cut deals to release new music from Snoop Dogg, Usher and Rick Ross, and forged a joint venture with Snoop Dogg to distribute the catalog of the pioneering hip-hop label Death Row Records.  Larry Jackson Photographer: Jamie McCarthy/Getty Images Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.
Carsten Spohr said the quiet part out loud last week, Chris Bryant writes in Bloomberg Opinion. The Deutsche Lufthansa CEO told analysts the carrier wouldn’t rush to add more aircraft capacity despite surging passenger demand. Why? Because those airfares everyone is paying “are just too much fun.” Lufthansa isn’t the only airline executive sounding exuberant about soaring ticket prices. Leisure travel demand is off the charts despite the continuing threat of Covid-19, and US and European airlines are either unwilling or unable to increase capacity sufficiently. And guess what? These advantageous conditions for airlines look set to continue for years.  Photographer: Michaela Rehle/Bloomberg
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