Central bankers are being 'held hostage' by markets, economist Mohamed El-Erian says.
for mounting fears about a slowing U.S. economy. The president has blamed the central bank for previous declines in the stock market and has repeatedly pushed Fed Chairman Jerome Powell to cut rates.
The fed funds futures market now points to a 100% probability that there will be another Fed cut in September, according to the. Last month, the Fed, as expected, cut rates for the first time in more than a decade. But El-Erian, former CEO and co-CIO of Pimco, said the rate cuts come with a price. "The more it cuts, the less impact it has on the economy, the less impact it has on markets and the greater the risk they have no ammunition when they will really need to cut.", telling CNBC in March that the country will not see a recession this year or in 2020 barring a major policy mistake from the Fed.
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