Allianz Chief Economist: Federal Reserve Chairman Powell will face challenges in Jackson Hole

Allianz's Chief Economist El-Erian wrote that this week Powell will face challenges at Jackson Hole, he needs to take advantage of this golden opportunity to re-establish the effectiveness of his forward-looking policy guidance, otherwise it may further damage its policy effectiveness and reputation. Some well-known Wall Street analysts and financial observers are calling for the Federal Reserve to immediately implement emergency inter-meeting rate cuts, a move that is unnecessary and could even be harmful.