During his virtual speech at the Kansas City Federal Reserve’s annual Jackson Hole Economic Policy Symposium, Fed Chair Jerome Powell said he believes the central bank’s policy is “well positioned” for this economic moment. Economist Mohamed A. El-Erian, the president of Queens’ College at the University of Cambridge and former CEO of Pimco, disagrees.

“Marketplace” host Kai Ryssdal spoke with El-Erian about his thoughts on the latest news from the Federal Reserve and the state of the economy’s recovery. The following is an edited transcript of their conversation.

Kai Ryssdal: We talked in June, and you made your case that the Federal Reserve was making a policy mistake and providing so much support

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