Mohamed El-Erian, a smart person who knows a lot about money and the economy, thinks the Federal Reserve (the group that makes decisions about money in the US) made a mistake by not making interest rates lower in July. He says that people who think the Fed will make the rates much lower in the next year are wrong, and that 200 basis points (a way to measure how much lower the rates will be) is too much. He thinks the Fed should make the rates lower by 25 basis points in September and 150 basis points in the next year. The Federal Reserve is watching how the economy is doing and will make decisions about interest rates based on that. Some other smart people have different opinions on how many rates should be lowered and when. Read from source...

- Mohamed El-Erian criticizes the Fed for missing the July rate cut opportunity and warns against expecting a 200 basis point cut in the next year.
- El-Erian predicts a 25 basis point rate cut in September and highlights the significance of the upcoming Jackson Hole symposium for Fed Chair Jerome Powell to regain control of the narrative.
- The July Consumer Price Index inflation report, due for release on Wednesday, could significantly influence investor expectations ahead of the Fed's September meeting.
- Brad Case argues that the Fed might not cut rates until November, emphasizing the need for sustained economic weakness before considering rate cuts.

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Article's Main Thesis: Mohamed El-Erian, the Chief Economic Advisor at Allianz, criticized the Federal Reserve for not reducing interest rates in July, warning that the market's anticipation of a 200 basis point cut in the next year is excessive.