Here's everything the Fed has done wrong in handling the economy and why its reputation is in tatters, according to Mohamed El-Erian
last month illustrating the risks to US banks as they sit on large amounts of fixed income securities that have decreased in value.
"The Fed's problems should worry everyone. A loss of credibility directly affects its ability to maintain financial stability and guide markets in a matter consistent with the dual mandate of maintaining price stability and supporting maximum employment," El-Erian said.
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