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安联首席经济学家讽刺美联储:你们说的暂时通胀可能持续一两年

Allianz chief economist satirizes the Federal Reserve: The temporary inflation you are talking about may continue for a year or two

新浪財經 ·  Aug 3, 2021 10:15

Mohamed Mohamed El-Erian, chief economist of Allianz, on Monday refuted the Fed's view that inflation was temporary, saying that "temporary" could mean a year or two and that Fed Chairman Powell's firm stance on the issue could complicate his re-election prospects.

"when the Fed starts saying it's not a few months or a few quarters for now, it could be a year or two," Erian said. At this point, the short-lived concept becomes meaningless. The risk is that inflation will seep into the system. "

Mr Erian also discussed the future of Mr Powell as chairman of the Fed, who has long believed that inflationary pressures are temporary.

"what Chairman Powell has done is that he has nailed himself to the core of temporary inflation again and again," he said. It has become a belief-- an absolute belief-- and he keeps repeating it. The risk for him is that his appointment process could be complicated. "

However, Erian clarified that Powell is likely to be re-elected in February before the US economy determines whether inflation is really temporary.

The Allianz chief economist pointed out once again that there is a lack of understanding of what inflation is and how it spreads throughout the economy. "those of us who have experienced an era of inflation are witnessing what I call cost-driven and demand-driven inflation," he said. I would like to clarify one point: I do not think stagflation is a destination for the US economy. If we are not careful, it may be part of the journey. "

The translation is provided by third-party software.


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