Economy

Fed is losing credibility over its inflation narrative, Mohamed El-Erian says

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The Federal Reserve is losing credibility over its long-standing view that inflation is transitory, according to Mohamed El-Erian, chief economic advisor at Allianz.

“I think the Fed is losing credibility,” El-Erian said Monday. “I’ve argued that it is really important to reestablish a credible voice on inflation and this has massive institutional, political and social implications.”

He was speaking to CNBC’s Dan Murphy at the ADIPEC energy industry forum in Abu Dhabi, the United Arab Emirates.

El-Erian contended that the Fed’s inflation stance weakened the central bank’s forward guidance and undermined President Joe Biden‘s economic agenda. He said that people shouldn’t forget that those…



Source cnbc.com

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