Top Economist Sounds Recession Alarms and Warns of Stagflation After Bank Failures

Top Economist Sounds Recession Alarms and Warns of Stagflation After Bank Failures
Mohamed El-Erian, chief economic adviser of Allianz, at FOX Studios in New York, on April 29, 2016. Rob Kim/Getty Images
Jack Phillips
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Noted economist Mohamed El-Erian said the U.S. economy is facing higher odds of a recession and stagflation after a series of high-profile bank collapses last month.

“The flashing red light resulting from a speed-of-light run on the U.S. banking system, or what economists broadly refer to as financial contagion, is behind us,” the longtime economist wrote in the Financial Times Monday. “Yet it is too early for policymakers to declare mission accomplished.”
Jack Phillips
Jack Phillips
Breaking News Reporter
Jack Phillips is a breaking news reporter who covers a range of topics, including politics, U.S., and health news. A father of two, Jack grew up in California's Central Valley. Follow him on X: https://twitter.com/jackphillips5
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