Economics
El-Erian Says Transitory Inflation Call Likely Fed’s Worst Ever
- Fed must move to ‘regain control’ this week, El-Erian says
- Allianz adviser sees inflation sticking near recent levels
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Allianz SE’s Mohamed El-Erian said the Federal Reserve needs to move fast to regain control of the inflation narrative, denouncing Chairman Jerome Powell’s prior assurance that price increases are short-term.
“The characterization of inflation as transitory -- it’s probably the worst inflation call in the history of the Federal Reserve,” El-Erian said on CBS’s “Face the Nation” on Sunday.