Top economist Mohamed El-Erian warns that markets may be forcing central bankers around the world into raising rates. In a Financial Times op-ed, El-Erian, chief economic advisor at Allianz and former co-CIO of PIMCO, laid out why he sees new problems arising if the Fed and other central banks continue to tighten monetary policy. He wrote that monetary policy isn't the best response tool for today's economic and financial challenges. El-Erian responded positively to Fed chair Kevin Warsh's address but cautioned that both markets and the economy could end up in a bad place.
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