Mohamed El-Erian on global policy response to inflation: “we need it, but we won’t get it”

In a recent Pew survey, inflation topped the list of problems that Americans are most concerned about. That doesn’t surprise Mohamed El-Erian, the Chief Economic Advisor for the financial services company Allianz, Fmr. PIMCO CEO, and President of Queen’s College at Cambridge University. He says inflation is not a problem that has a quick or easy solution. “We face two alternatives – neither of which are very pleasant,” in terms of the Federal Reserve’s options. Inflation is “yet another great unequalizer,” says El-Erian, because of how unevenly it affects people across different rungs of society. “What is here a cost-of-living crisis, it’s a threat of famine in the most fragile African countries,” he tells Ali Velshi.May 14, 2022