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Top economist El-Erian says the Fed could have avoided 'higher, faster, longer-lasting' rates and elevated recession risk if it had acted sooner

Business Insider LogoBusiness Insider1w ago

Top economist El-Erian says the Fed could have avoided 'higher, faster, longer-lasting' rates and elevated recession risk if it had acted sooner - Business Insider

Quick Summary:

On Wednesday, the Federal Reserve hiked interest rates by 0.75 percentage points for the third time in a row to cool demand in its inflation fight.

"Yet, because it has been so late in responding, the Fed will be aggressively hiking into a weakening domestic and global economy".

Last month, Powell warned that cooling inflation "will bring some pain to households and businesses".

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Article Details

Author / Journalist: htan@insider.com (Huileng Tan)

Category: Economy

Topics: Interest Rates Economy Jerome Powell News Federal Reserve Markets Recession

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-22, 06:09:46

News Timezone: GMT -5:00

News Source URL: businessinsider.com

Language: English

Reading Time: 3 minutes read

Article Length: 464 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 462867

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About Business Insider

Business Insider Logo

Main Topics: Economy

Official Website: businessinsider.com

Update Frequency: 114 posts per day

Year Established: 2007

Headquarters: United States

News Last Updated: 8h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #64

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