Economist El-Erian: Powell doesn't want to admit that today's action complements the absence of a rate cut in July

Economist El-Erian said that at the press conference, in the face of repeated questions from reporters, Federal Reserve Chairperson Powell had to deal with the contradiction between the unusual move to start the rate-cutting cycle with a 50 basis point rate cut and the repeated assessment that "the economy is in good shape". This has become more difficult, and understandably he does not want to admit that today's 50 basis point rate cut is an "addition" to the July rate cut.