Bloomberg, Released on 12/3/22
Mohamed El-Erian, chief economic adviser at Allianz and Bloomberg Opinion columnist, says markets are giving back an “overreaction” to Federal Reserve Chair Jay Powell’s speech on Wednesday after Friday’s strong jobs report. “Once again, the Fed didn’t understand the behavioral aspects of markets. So while Chair Powell went out of his way to be balanced, he did a few things that made the market hear just what it wanted to hear,” El-Erian says. Rick Rieder, global fixed income CIO at BlackRock, also discusses his takeaways from the November US employment report and credit strategy on “Bloomberg The Open.”
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.