Thank you, Mr. Chair.
Governor, I'm going to do the same exercise again, but taking the words of another economist. I will quote Mohamed El-Erian, an economist who is not at all of the same school of thought as Joseph Stiglitz. In his February 28 article, he is very critical of the management of inflation by the U.S. Federal Reserve, otherwise known as the Fed.
Towards the end of his article, he states:
[...] Fed officials have offered different views publicly regarding how the central bank should approach both interest-rate hikes and reducing its bloated $9-trillion balance sheet.
Lacking any proper guidance from the Fed, the market rushed to price seven or eight rate hikes in 2022 alone. Some Wall Street analysts went as far as ten, including a 50-basis-point hike as soon as the Fed’s mid-March meeting. Others urged the Fed to implement an emergency intra-meeting rate increase.
I would like to hear your comments on what Mr. Mohamed El-Erian has written.