Over the past year, investors and economists have repeatedly criticized the Federal Reserve for its aggressive interest rate hikes aimed at lowering inflation.
Mohamed El-Erian—the economist who was once CEO of Pimco and is currently the president of Queens’ College at the University of Cambridge—has been one of the central bank’s biggest detractors, consistently slamming the Fed for being late to act against inflation. Inflation, as measured by the consumer price index, is currently at 7.7% after peaking at 9.1% in June.
