Economist El-Erian: Fed now has no choice but to cut rates or risk disrupting markets

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The Federal Reserve has “no choice” but to cut interest rates again at its September policy meeting, economist Mohamed El-Erian told CNBC on Wednesday. If the Fed doesn’t cut its benchmark federal funds rate, it risks further disrupting the stock market, Allianz’s chief economic advisor said in an interview on “Closing Bell. ” Central bankers are being “held hostage” by markets, El-Erian continued. “The market is going to push the Fed to do 50 basis points. Some are saying, ‘Why not even do an emergency ...