El-Erian Says He Is 'Disappointed' By What Jerome Powell Did Not Cover In His Jackson Hole Speech
Synopsis
The economist said that while he appreciates Powell touching upon risks due to labor market weakness in his speech, he left out what would be the second and third-order effects of the structural changes mentioned during the speech.
Chief economic advisor of Allianz, Mohamed El-Erian, on Monday reportedly expressed his disappointment in Federal Reserve Chair Jerome Powell’s highly anticipated Jackson Hole speech.
In an interview with CNBC, El-Erian said that while he appreciates Powell touching upon risks due to labor market weakness in his speech, he left out what would be the second and third-order effects of the structural changes mentioned during the speech.
“He didn’t give much clarity on what happens after September. And then, he said almost nothing about the policy implications of all the structural changes that he mentioned – in the labor force, in the trading system, in the operation of the domestic economy.
“I’m glad for what he said, I’m disappointed for what he did not cover,” El-Erian added.
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