“They will not raise rates this month… but what they will do is keep the door open for at least one more rate hike in the future,” says Dr. Mohamed El-Erian to Becky Quick.

The economy is strong, and we have supply issues, specifically, oil.  Dr. El-Erian and Mr. Bianco seem to be in the same camp for rates continuing to rise and a resiliently strong economy.  Dr. El Erian isn’t worried about stagflation in the U.S., because its economy is so dynamic, but he does think Europe and the U.K. will be vulnerable.