Bloomberg, Released on 2/17/23
Mohamed El-Erian, chief economic adviser at Allianz and Bloomberg Opinion columnist, says he hopes the Federal Reserve can tolerate US inflation above its 2% target. “I don’t think they can get CPI to 2% without crushing the economy, but that’s because 2% is not the right target,” he says 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.