Speaking at the Fed’s annual economic symposium in Wyoming on Friday, Powell signaled that rate hikes will likely continue and "some pain" may lie ahead for the economy going forward. That move spooked investors, leading the Dow to drop more than 1,000 points.
According to Allianz’s chief economic advisor Mohamed El-Erian, the move from Powell sets the stage for further volatility ahead. He said on CNBC’s "Squawk Box" on Monday that investors should brace for more aggressive actions from central banks worldwide ahead. “… I think there’s more volatility ahead, but this is going to be a really interesting time for asset managers,” he said. |
