Stocks across the globe swooned on Monday, as the weakness seen late last week carried over, with some of the Asian markets already falling into correction territory. Economist Mohamed El Erian on Sunday weighed in on the implications of the market sell-off for the monetary policy. What Happened: The implied probability of a 50-basis-point cut by the Federal Reserve in September has “suddenly surged from essentially de minimis to some 80%,” said El Erian in a post on X, formerly Twitter. Traders were now increasing the size and speed of a Fed cutting cycle, he added. The futures market now see…
