Mohamed El-Erian, chief economic adviser at Allianz, asserted Tuesday that Federal Reserve Chair Jerome Powell should resign for the sake of the central bank and its independence.
El-Erian, also president of Queen’s College, Cambridge, broke ranks with the Wall Street consensus in calling for Powell to step down, a move he said would help “safeguard the Fed’s operational autonomy.”
El-Erian laid out his reasoning in the aftermath of continued scrutiny of Powell’s performance by the Trump administration, including President Donald Trump himself and Treasury Secretary Scott Bessent, who said Monday that “the entire Federal Reserve institution” needs to be examined.
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