El-Erian 'Terrified' of Central Banks Losing Autonomy

The transcript discusses concerns about high inflation and its impact on different population segments. It emphasizes the importance of central banks maintaining political autonomy and being accountable for their actions. The divergence between the Fed's forward guidance and market expectations is highlighted, raising concerns about potential economic consequences if central banks fail to address accountability issues.

What does the speaker mean by 'operational autonomy' in the context of central banks?

In what ways could the political autonomy of central banks be affected by market reactions?