Top economist Mohamed El-Erian highlights how inflation has damaged Americans' sense of financial security
Top economist Mohamed El-Erian has underscored how inflation has eroded the financial security of Americans, noting that the poorest have been hit the hardest.
The US central bank raised interest rates for the 10th time in a row this month – from near-zero last March to upward of 5% today. While inflation cooled to 4.9% in April from last summer's peak of 9.1%, it still remains way above the Fed's 2% target. "This sobering survey summary comes from the Federal Reserve's report on the 'Economic Well-Being of U.S. Households in 2022,'" El-Erian"It is yet another indication of how much inflation has undermined the financial security of Americans, hitting the poorest particularly hard," the economist added.
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