The Fed should resist market bullying
2 min read
Central bank faces pressure to take an even more dovish stance
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Published Dec 19, 2023 • 4 minute read
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By Mohamed El-Erian
“It turns out that inflation was transitory after all; it just took longer.” Such a view is being heard a lot following the sharp fall in U.S. consumer price index inflation from a high of 9.1 per cent in June 2022 to its latest November reading of 3.1 per cent. Yet it is an interpretation that is misleading, and it is one that puts even more pressure on the United States Federal Reserve to prematurely pursue big and early cuts in its policy interest rates.
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Financial Times
2023-12-19 13:42:15
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