Surveillance: El-Erian’s Big Worry Is a Fed That Waits Too Long
His take: ‘It’s right to say patience, but that communication shouldn’t go too far’
March is days away, and the Federal Reserve won’t be cutting. But markets still don’t know when the central bank will deliver on the expectations it has set.
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It may have been easy to glide past the Fedspeak in the midst of the Nvidia Corp. frenzy on Wall Street. Sure, various policymakers were advising patience on rate cuts, but who wants to hear a temperance lecture when everyone is drinking deeply from the AI punchbowl?