Allianz Chief Economic Adviser El-Erian: ‘Transitory’ Inflation Prediction Perhaps Worst Ever by the Federal Reserve

EXCERPT:

EL-ERIAN: "I've been saying this for months. The characterization of inflation is transitory is probably the worst inflation call in the history of the Federal Reserve. And it results in a high probability of a policy mistake. So the Fed must quickly, starting this week, regain control of the inflation narrative and regain its own credibility. Otherwise it will become a driver of higher inflation expectation that feed onto themselves."