The European economy is cooling more than many investors believe, Mohamed El-Eri...
NEW YORK - The European economy is cooling more than many investors believe, Mohamed El-Erian, chief economic adviser for Allianz SE, said on Monday, warning that the slowdown poses the biggest risk to the market.
The potential spillover effects from a cooling in Europe and China helped push the U.S. Federal Reserve to signal in January that its interest rate hikes are on hold for the time being, saying that it would be “patient” before making any moves, after raising rates four times in 2018. But although there are real risks from in Europe and China, El-Erian said the extent that the market is pricing in the chance of a Fed rate cut is overdone.
The Fed will have to signal the possibility of further rate hikes or a longer period of letting its massive bond holdings fall by summertime, El-Erian said. “This team - it wants to play at the highest level, but its five most powerful players are all playing below potential,” El-Erian said.
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