The U.S. Federal Reserve has become too data dependent and has lost sight of its overall strategy, Mohamed El-Erian, chief economic adviser at Allianz, said Friday.
El-Erian's comments follow a recent chorus of Fed policymakers who have begun speaking conservatively about rate cuts. The economist told CNBC that a longer-term, more strategic outlook could see policymakers settle on a new inflation target of closer to 3%. However, he noted that policymakers' hawkish approach could be an indication that they are considering the possibility of a new normal inflation target.
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