The testimony of Federal Reserve Chair Jerome Powell to the Senate Banking Committee on Tuesday was less optimistic about inflation than his previous statements to central bankers, according to Mohamed El-Erian, the Chief Economic Advisor at Allianz. What Happened: El-Erian took to social media platform X, to share his insights on Powell’s remarks. He noted that Powell’s written statement to the Senate Committee on Banking, Housing, and Urban Affairs characterized inflationary developments as “hav[ing] shown some modest further progress.” This was “less reassuring” than what Powell had conveye…
