There Is No Meaningful Forward Policy Guidance From Fed, El-Erian Says (youtube.com)
They were maybe going to have service inflation coming down fast enough to offset goods inflation which is no longer going down. Now we are seeing that goods inflation is starting to pick up, and services inflation hasn't come down fast enough.
Fed is amplifying whatever volatility is in the system right now, not being the anchor is ‘should’ be for companies. Because the Fed is data dependent, not forward guiding.
‘We are very close if not already at neutral.' El-Erian.