Economist: US Heading to a Recession ‘That Was Totally Avoidable’

  • 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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