- 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.
