El-Erian Warns Federal Reserve’s Independence Showing ‘Worrisome Cracks’ Due To Animosity Between Trump And Jerome Powell
Synopsis
El-Erian observed that the attacks on the Fed as an institution have “broadened and deepened” since his suggestion in July that Powell should step down.
Chief economic advisor at Allianz, Mohamed El-Erian, on Thursday warned that the Federal Reserve’s independence is beginning to show “worrisome cracks” as Fed Chair Jerome Powell continues to stay in his position despite a spate of public attacks by President Donald Trump.
In an opinion piece for Yahoo Finance, El-Erian observed that the attacks on the Fed as an institution have “broadened and deepened” since his suggestion in July that Powell should step down to protect the independence of the central bank.
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