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that we stick to our plan to halve it. . _, that we stick to our plan to halve it. . ,, that we stick to our plan to halve it. we can speak to a president at queens college _ it. we can speak to a president at queens college cambridge and i it. we can speak to a president at queens college cambridge and al queens college cambridge and a former director of the international monetary fund. thanks forjoining us. your reaction to this move? $5 us. your reaction to this move? sis expected and us. your reaction to this move? s expected and i us. your reaction to this move? sis expected and i do not us. your reaction to this move? is expected and i do not think the bank of england had much choice because inflation is too high and we have indication it is becoming more persistent and anything else would have had even more collateral damage and unintended consequences. inflation was supposed to be coming down by now so why does it remain so stubbornly high compared to say the us or other european countries? aha, us or other european countries? couple of issues. the level and the persistence, let's start with the second, inflation that refuses to come down as you would want is proving to be a phenomenon on all over the advanced countries and that is because central banks started late and as a result inflation has
MoveUsReactionPresidentThanks-forjoining-operationPlanDirectorQueens-college-cambridgeQueens-collegeInternational-monetary-fundAl4-usmonth. ., x; ., ., ., result of what happened earlier last month. .,;~, ., ., ., , month. macro 3, for now, thanks very much come — month. macro 3, for now, thanks very much come alive _ month. macro 3, for now, thanks very much come alive in _ month. macro 3, for now, thanks very much come alive in washington - month. macro 3, for now, thanks veryj much come alive in washington where those meetings are taking place. now, that weak economic growth is, according to the imf, going to drive interest rates back down to pre—pandemic levels. in a report released earlier today, the imf predict that recent hikes in borrowing costs could ease — with rates falling again — once inflation is brought under control. let's speak now to mohamed el—erian, chief economic adviser at allianz and president of queens' college cambridge. he's also a former deputy director at the international monetary fund. thank you for being with us. what did you make of what you saw today? there is quite a mixed picture, it is fair to say, some economies performing really well and others find it difficult to shake off those restrictions. why the big difference?— restrictions. why the big difference? ., ., , difference? initial conditions were different, which _ difference? initial conditions were different, which means _ difference? initial conditions were different, which means the - different, which means the resilience was different. and the agility is very different. we see within developed world, the us
ImfReportGrowthMacroMeetingsPlaceResultRatesCome-monthInterest-ratesWashington-monthBorrowing-coststo, god willing, i don't think we're going to see a recession. >> the president there trying to ease fears of a recession, as the white house braces for critical new economic data to be released this week. so is the president right? let's ask famed economist muhammad el-erian, the president of queens college cambridge, adviser to alliance and gramercy. thank you for being with us this morning. is he right? >> thank you. he's right that we're not in a recession right now. most economists would agree that the definition of recession goes beyond the notion of two quarters of negative gdp growth. so we are not in a recession right now. looking forward, the risk of recession is unfortunately high, and mainly because the federal reserve is hiking interest rates aggressively into a slowing economy, and it could push us into recession. >> and it could push us into recession. let me ask you about this
PresidentWhite-houseRecessionDataFearsGodMuhammad-el-erianEconomistAllianceQueens-college-cambridgeGramercyDefinition