, Columnist
It’s Time for the Fed to Ease Up on Stimulus
Jerome Powell keeps insisting that inflation is transitory, but the data are all going the other way.
Look at the data again, sir.
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The head of the Federal Reserve continues to insist that the rise in prices is “transitory” and doesn’t require any rethink of the central bank’s ultra-stimulative policies. But as the data keep pointing the other way, Mohamed A. El-Erian worries about the increasing probability of a monetary policy mistake that could derail a potentially strong and transformational U.S. economic recovery. There’s also an increased likelihood of a market accident.