El-Erian: Not Surprised If Fed Is on Hold Until Summer

The transcript discusses the potential for the Federal Reserve to increase interest rates if inflation data remains high, which could lead to significant market and political volatility. While some believe a rate hike is possible, others speculate that a rate cut is more likely, though the Fed might hold off on any changes until the summer.

What is the likelihood of the Fed making a cut versus a hike according to the speaker?

What does the speaker suggest about the Fed's potential actions until the summer?