Market pricing in too many Fed rate cuts, El-Erian warns
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Mohamed El-Erian warns that traders are overestimating the number of US Federal Reserve rate cuts expected by year end; he suggests a more realistic easing of 75 basis points instead of the market's expectation of up to 100 basis points; Fed minutes indicated a case for cuts discussed in July; employment growth data supports the likelihood of cuts; traders are looking for insights during the Fed's annual symposium in Jackson Hole, Wyoming, where Fed chair Jerome Powell will speak on the economic outlook.

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