El-Erian: BOE Needs to Raise Rates Before Next Meeting

The video discusses the potential reasons for a Fed pivot, emphasizing that such a move would likely be due to high recession risk or a looming financial accident, neither of which are favorable for risk assets. It also covers the Bank of England's upcoming decision on interest rates, suggesting an urgent need for a significant rate hike before the scheduled meeting.

What emergency action does the speaker believe the Bank of England should have taken?

What is the minimum basis points hike mentioned that the Bank of England needs to consider?