Mohamed El-Erian, Allianz’s chief economic adviser, said the U.S. is heading toward a recession that was “totally avoidable” The Federal Reserve has been raising interest rates to try to tamp down inflation. The United Nations last week warned of a global recession as international economies take action to curb inflation. A survey released last week found that nearly 9 in 10 global CEOs expect a recession in the next year. “Even [Federal Reserve] Chair Powell has gone from looking for a soft landing to soft-ish landing to now talking about pain. That is the problem of a Federal Reserve being late. Not only does it have to overcome inflation, but it has to restore its credibility,” . . .
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