Top economist Mohamed El-Erian says the Fed is still doing ‘too little, too late’ and warns there are ‘clouds on the horizon’

Noted economist Mohamed El-Erian (Credit: Brendan Smialowski/AFP via Getty Images)

November’s stronger-than-expected jobs report should be cause for celebration, and it is for most Americans. But with inflation sitting near a four-decade high, it’s a different story for the Federal Reserve.

Fed officials have raised interest rates six times this year in an attempt to cool the economy and reduce inflation to their 2% target rate, but so far they’ve managed only to slow the pace of consumer price increases.