Economist: US Heading to a Recession ‘That Was Totally Avoidable’
View Source | October 11, 2022 5:00 am
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- Economist Mohamed El-Erian said core inflation is still rising, and the U.S. is heading toward a damaging recession “that was totally avoidable” following another week of volatility in the stock market.
- Federal Reserve Governor Lisa Cook said more interest rates would be necessary to wrestle inflation under control.
- El-Erian, the chief economic adviser for Allianz, also said the Federal Reserve made mistakes that “will go down in the history books,” including characterizing inflation as transitory.
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