Mohamed El-Erian on Tuesday called for Federal Reserve Chair Jerome Powell to voluntarily relinquish his position in order to ensure the central bank’s independence, making the chief economic advisor at Allianz one of the first prominent economists to publicly take such a position. “If Chair Powell’s objective is to safeguard the Fed’s operational autonomy (which I deem vital), then he should resign,” El-Erian said in a morning post on X. El-Erian, also president of Queen’s College at Cambridge University, said he was aware that his view did not align with what he saw as Wall Street consensus that wants Powell to ... (full story)