El-Erian: Fed risks recession by over-relying on data instead of long-term vision

• The Fed has become too dependent on data when setting policy, risks financial instability - El-Erian • This over-reliance on data stems from misreading inflation in 2021, being late to raise rates • Keeping rates high for too long based on data risks causing a recession • Fed needs more strategic vision, not just historic data, to see where economy is heading • El-Erian previously warned Fed risks recession if it doesn't pivot to rate cuts by June