America's inflation headache is gone, top economist Steve Hanke says. Paul Krugman and Mohamed El-Erian aren't so sure.
for June might reflect seasonal adjustments and could be revised upward. While private-sector surveys also point to cooling price growth, he warned the latest figure could still be a"head fake," and said"history makes me nervous."
Even if inflation is on the retreat, interest rates may need to remain high to prevent a resurgence, Krugman continued. Mohamed El-Erian, Allianz's chief economic adviser and the former CEO and co-chief investor of PIMCO, also weighed in viaHe emphasized that market sentiment has swung wildly in recent months, from hope for a"soft landing" where the Fed crushes inflation without tanking the economy, to fear of a"hard landing" where the central bank's fight causes a recession, to excitement for"no landing" where the economy grows without interruption and shrugs off inflation.
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