Bloomberg, Released on 8/18/23
Mohamed El-Erian, a Bloomberg Opinion columnist, discusses what’s behind the recent moves in equity and bond markets, the state of the US and Chinese economies, and the outlook for Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium next week. .
Part 1 (part 2 below)
“This is structurally a very different global economy and that’s a problem,” Mohamed El-Erian, a Bloomberg Opinion columnist, says. Speaking with Jonathan Ferro on “Bloomberg The Open,” El-Erian also says the recent moves in equities and credit are a “giveback after months of excessive romance” with the soft landing narrative.
Mohamed El-Erian is the President of Queens College, Cambridge and the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world’s largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. His latest book is The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse.