El-Erian Blames Fed for ‘Very High’ Risk of a Damaging Recession
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Allianz SE chief economic adviser Mohamed El-Erian said the US economy is on “a bumpy journey to a better destination,” though the risk of a Federal Reserve overshoot that tips the country into recession persists.
“Not only does it have to overcome inflation, but it has to restore its credibility,” El-Erian said of the US central bank in a CBS News interview Sunday. “So yes, I fear we risk a very high probability of a damaging recession that was totally avoidable.”