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The trajectory of the economy largely depends on how President Donald Trump's tariff-raising spree turns out, according to Federal Reserve officials who made public remarks this week. Several said they expected the tariffs to push up prices, and were concerned the inflation boost would not be short-lived.

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Government data on Friday showed underlying inflation rose 0.4% in February - the most in more than a year - and a survey from the University of Michigan showed consumer inflation expectations rose. "One hundred percent of my focus is on what's happening with inflation," Daly told Reuters on Friday in a follow-up call from an interview on Thursday. "The progress there hasn't been so decisive that I'm comfortable starting any kind of rate path declines right now."

Renewed inflation fears, plummeting consumer confidence and rising doubts about the payoff from artificial intelligence touched off a fresh round of heavy selling in stocks Friday.

Germany's Finance Minister Joerg Kukies warned on Friday that U.S. tariffs would hit both the German and the U.S. economies and that Berlin was working to prevent an escalating trade war. Kukies made the statement to Reuters after meeting his U.S. counterpart, Treasury Secretary Scott Bessent, and other members of the Trump administration in Washington. Export-oriented car companies in Europe, most notably Germany's big automakers, are heavily exposed.

(Reuters) -U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 592 in the week to March 28. Baker Hughes said this week's decline puts the total rig count down 29 rigs, or 5% below this time last year.