Monday’s global stock selloff shook many professional investors, Wall Street leaders, and economists, leading to calls for an emergency rate cut from the Federal Reserve. But Mohamed El-Erian, president of Queens’ College at the University of Cambridge, doesn’t understand the logic behind those calls, given the economy is still far from recession.
“I strongly oppose this notion of an intermeeting cut. That would be a huge mistake,” he told Fortune in a phone interview. “I think it’s a little bit like wanting to go to the emergency room for a cough.”
