{"id":13523,"date":"2025-08-21T09:11:07","date_gmt":"2025-08-21T09:11:07","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/13523\/"},"modified":"2025-08-21T09:11:07","modified_gmt":"2025-08-21T09:11:07","slug":"powell-should-resign-reiterates-mohamed-el-erian-ahead-of-jackson-hole-symposium-longer-he-stays-more-he-attracts-attacks-on-federal-reserve-invesco-qqq-trust-series-1-nasdaqqqq-spdr-sp","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/13523\/","title":{"rendered":"Powell ‘Should Resign’ Reiterates Mohamed El Erian Ahead Of Jackson Hole Symposium: ‘Longer He Stays, More He Attracts Attacks’ On Federal Reserve – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)"},"content":{"rendered":"

Renowned economist Mohamed El-Erian<\/strong> on Thursday reiterated his call for Federal Reserve<\/strong> Chair Jerome Powell<\/strong> to resign, arguing it is a necessary step to protect the central bank\u2019s independence from political pressure ahead of the pivotal Jackson Hole Symposium.<\/p>\n

Powell Is Attracting More Attacks To The Federal Reserve<\/p>\n

Speaking on<\/a> Fox Business, the Allianz Chief Economic Advisor stated that Powell has become a political target, and his continued presence only invites further criticism that damages the institution.<\/p>\n

\u201cI said Chair Powell should resign because the longer he stays there, the more he attracts attacks on the institution,\u201d El-Erian explained.<\/p>\n

This stance doubles down on a position<\/a> he first articulated on social media platform X on July 22, when he wrote, \u201cIf Chair Powell\u2019s objective is to safeguard the Fed\u2019s operational autonomy (which I deem vital), then he should resign.\u201d \u2013<\/p>\n

Being Overly Data Dependent Is \u2018Backward-Looking\u2019<\/p>\n

Beyond the institutional risks, El-Erian argued that the Fed is making a policy error by being overly \u201ccaptive to data dependency,\u201d which he described as backward-looking<\/a>. <\/p>\n

Despite a recent Producer Price Index (PPI) report<\/a> coming in hotter than expected, he believes a September rate cut is warranted, pointing to a deteriorating jobs market as the primary concern. <\/p>\n

\u201cEvery indicator suggested the labor market is weaker, and the risk is it weakens in an accelerated fashion,\u201d he warned, suggesting a decisive 50 basis point cut could be necessary if another weak employment report emerges.<\/p>\n

See Also: Trump Tariffs Gone Too Far? 99 Cent AriZona Iced Tea May Raise Prices<\/a><\/strong><\/p>\n

All Eyes On Powell\u2019s Speech At Jackson Hole Economic Symposium<\/p>\n

With Powell set to deliver a highly anticipated speech at the Jackson Hole Economic Symposium<\/a> on Friday, El-Erian outlined what he believes the Fed chair must communicate to the markets.<\/p>\n

He urged Powell to \u201csignal that the employment side is becoming what they are more worried about.\u201d<\/p>\n

El-Erian noted that with Powell’s term ending next May, he will soon become a \u201clame-duck\u201d chair. \u201cWhat exactly is he fighting for?\u201d El-Erian questioned, reinforcing his view that stepping down would be the best course of action to protect the Fed\u2019s long-term integrity.<\/p>\n

The three-day Economic Policy Symposium begins on Thursday, Aug. 21, and will go on till Aug. 23. The theme for the 2025 symposium is “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy.”<\/p>\n

Price Action<\/p>\n

The SPDR S&P 500 ETF Trust<\/strong> SPY and Invesco QQQ Trust ETF<\/strong> QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Wednesday. The SPY was down 0.27% at $638.11, while the QQQ declined 0.59% to $565.90, according to Benzinga Pro<\/a> data.<\/p>\n

On Thursday, the futures of the Dow Jones, S&P 500, and Nasdaq 100 indices were trading mixed.<\/p>\n

Read Next:<\/strong><\/p>\n

Disclaimer:<\/strong>\u00a0This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<\/p>\n

Photo courtesy: Domenico Fornas \/ Shutterstock.com<\/p>\n","protected":false},"excerpt":{"rendered":"Renowned economist Mohamed El-Erian on Thursday reiterated his call for Federal Reserve Chair Jerome Powell to resign, arguing…\n","protected":false},"author":2,"featured_media":13524,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[79,12660,5326,12659,5324,179,18,19,17,5323,12661,12662,12663],"class_list":{"0":"post-13523","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-category-federal-reserve","10":"tag-category-news","11":"tag-category-politics","12":"tag-cms-wordpress","13":"tag-economy","14":"tag-eire","15":"tag-ie","16":"tag-ireland","17":"tag-pageisbzpro-bz","18":"tag-symbol-qqq","19":"tag-symbol-spy","20":"tag-tag-jerome-powell"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/13523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=13523"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/13523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/13524"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=13523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=13523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=13523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}