The central bank chief now faces a landscape full of mines that could detonate in any direction.
div > div.group > p:first-child"> The central bank chief, fresh off a year of intense criticism from President Donald Trump and a sharp rebuke from financial markets, now faces a landscape full of mines that could detonate in any direction."I do feel sorry for Chair Powell," Mohamed El-Erian, chief economist advisor at Allianz, told CNBC's"Squawk Box" in a Monday interview.
Powell himself sounded adamant at his March news conference that it would take a lot for him to push for rate hikes. While he and others have voiced confidence in the U.S., they worry about developments overseas spilling over domestically and taking the momentum out of an economy that saw some of its fastest growth since the financial crisis in 2018.
"Trump in a lot of ways is going to feel emboldened, because he was right," said Christopher Whalen, head of Whalen Global Advisory."He may not have known why he was right, but it doesn't matter. The Fed dropped the ball and they hurt their credibility with the market."Quarles' comments don't seem to reflect the committee's majority view.
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