alliance chief economic adviser well-known economist Mohamed El Erian the sound said federal reserve Officials indicate in their latest comment that there could be a coordinated attempt by central bankers to ensure markets understand the chair Jerome Powells Testify.

federal reserve Chair Jerome Powell admitted in conversation at The Business Club of Washington, DC on Tuesday that the disinflation process had started, but added that if the labor market remains strong and inflation high, the central bank would have to hike rates more than priced in.

US stock markets saw a back and forth movement throughout the day as investors and traders clung to the Fed Chair’s every word. However, the major indices ended the session with decent gains.

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federal reserve governor Christopher Waller said in remarks to one State University of Arkansas conference that while wage growth has slowed, the decline is not enough and that “the Fed needs to maintain tight monetary policy for some time,” according to a Reuters report.

Minneapolis Fed Chairman Neel Kashkari said he still believes the federal funds rate needs to rise to as much as 5.4% or even higher if the data calls for it, Reuters reported.

Coordinated attempt: El-Erian noted that Waller’s statement was read by some as not only opposing the path of future interest rates in the markets, but also Chairman Powell’s comments on financial conditions and inflation dynamics.

“The tone/content of the other Fed officials who spoke today was broadly consistent with that of Gov. Waller. This supports the view that there could be a coordinated attempt by the Fed to correct markets’ understanding of Chair Powell’s comments and tone last Wednesday and yesterday,” El-Erian tweeted.

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