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00:00Mohammed is there anything in the data as far as the eye can see from your perspective that you think gives this faint pause for thought. Makes them sit around look around and say we need to slow down. They won't get that from the CPI data. They won't get that from the jobs data. They would get it if they took a more holistic view of the economy. You know what happened to orders. I assume. But this isn't stopping. This Fed is going to do 75 basis points on when it meets this month. And this Fed needs to catch up John. They're not just reacting. They are catching up. And that's why they simply cannot wait. And 75 is the new 50. For now. Can we talk about how restrictive you think they need to get. Mohammed reflecting on the minutes we've had earlier this week and folding that into the data from this morning. So I think there certainly are going to try to get to the restrictive level. I worry that on the way there they may break something and then you get the stop go phenomenon. That would be the worst possible outcome for this economy. We need to get inflation out of the system. We really do. And we need to take advantage. We should have even more advantage last year of the strong economy. But we still need to take advantage of a strong labor market to get that done because otherwise we will have both an inflation problem and a growth problem next year.

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El-Erian: Fed Can't Wait, Needs to Catch Up to Inflation

Mohamed El-Erian, a Bloomberg Opinion contributor, says the Federal Reserve "cannot wait" and needs to raise rates 75 basis points at the next meeting. He speaks with Jonathan Ferro on "Bloomberg The Open." El-Erian's opinions are his own. (Source: Bloomberg)

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