NEWYou can now listen to Fox News articles!
Mohamed Ellerian, Allianz's chief economic adviser, said the focus and responsibility for the fight against inflation was in the Federal Reserve, not the federal petrol tax holiday. In Thursday's "US Report,"El Elian said the US could "get stuck" in inflation unless the Fed took a proactive and proactive approach to rising costs. I warned.
Byden's move to suspend the petrol tax accused of being a "non-serious" solution by the President of the Oil and Gas Association
MOHAMED EL-ERIAN:Inflation rate is high. I'm hurting everyone. And this administrationwants to look like it's doing something, like many other segments of society. .. I'm in a camp where this doesn't change much. For now, the responsibility should be with the Federal Reserve. They need to act together. They need to do a better job to curb inflation expectations. And that determines where inflation goes from here.
…
Ironically, the situation is improving for the wrong reason. International prices for oil-they are falling. They are declining because demand is declining because people are worried about the likelihood of a recession. I think you really have to be careful when talking about these things. There are five reasons for inflation problems. Their importance changes over time, and today's key issue repeats itself, but it's about the Fed. If you are not careful, it will be washed out of the system for other reasons. Inflation is the norm because new drivers are born and that is inflationary expectations.
Watch the full video below:
This article was written by Fox News staff.
