The Federal Reserve “should not blink” as it addresses hot inflation, and Chair Jerome Powell faces a “huge” challenge finding ways to cool price growth without damaging the economy as he prepares to address the global central banking community, said Mohamed El-Erian. “The Fed is so late that it’s looking at two challenges: putting the inflation genie back into the bottle and it’s looking at not creating too much damage to economic growth and inequality,” El-Erian, the chief economic adviser at Allianz SE, said on Bloomberg Television’s Surveillance on Thursday. Powell and Fed officials are in Jackson Hole, Wyoming ... (full story)