Writing in the FT, Mohamed El-Erian again called for changes to the fed to make changes.
The changes include a long list which El-Erian has largely touched on before, including: a reexamination of why the fed’s forecasts have been so wrong, 2) Developing a strategy instead of relying on short-term data 3) A review of the fed’s monetary policy framework 4) reexamination of the inflation target 5) emphasis on the risks to damaging the economy 6) address the (lack) of cognitive diversity at the fed 7) consider getting rid of the SEP 8) address the current fiscal outlook.
El-Erian notes that the fed is however unlikely to address many of these concerns.
The 8 issues the Fed and Jay Powell should put on the Jackson Hole agenda after a summer to take stock of where their policies stand and where they would like them to go - the latest @elerian FT col here https://t.co/q3xrwzdXTa
— Tony Tassell (@TonyTassell) July 8, 2024
