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Fortune

Jason Ma

The Fed got it wrong and is late again, top economist says, as job gains collapse

US Federal Reserve Donald Trump Jerome Powell Mohamed ElErian David Kelly Economy CNBC the Federal Reserve

(Credit: Mandel Ngan—AFP via Getty Images)

Mohamed El-Erian said the Federal Reserve made another policy mistake, echoing President Donald Trump’s criticism of the central bank and Chairman Jerome Powell. The remarks came after the latest jobs report revealed the U.S. economy added just 22,000 jobs in August with revisions to prior months showing June actually saw a decline.

Allianz chief economic advisor Mohamed El-Erian said the Federal Reserve is behind the curve in lowering rates now that the economy is slowing, just as it was tardy in hiking rates when inflation was spiking.

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