“Global Economist Mohamed El-Erian Reveals Busy Economic Week with Congressional Vote on Debt Ceiling Agreement”

Global economist Mohamed El-Erian revealed on Sunday that everyone is awaiting a busy economic week, topped by the congressional vote on the debt ceiling agreement reached between US President Joe Biden and House Speaker Kevin McCarthy.

“A lot of data on the global economy and markets will be revealed this coming week,” Allianz Group’s chief economic adviser said in a tweet.

Al-Erian added that among the expected data is “the US labor turnover and job vacancies report, the US purchasing managers’ index, and the US jobs report,” as well as “the congressional vote on an agreement to raise the debt ceiling.”

The economist explained that he will also announce “the inflation rate in Europe and the Chinese PMI,” in addition to revealing the discussions that took place within the European Central Bank before the decision to raise interest rates by 25 basis points in early May.

Al-Erian said in another tweet, “President Joe Biden said that the debt ceiling agreement represents a compromise, which means that no one gets everything he wants.”

“The compromise is likely to attract sufficient bipartisan support, and this would avoid a costly debt default,” El-Erian said, adding, “But it will not change the economic and financial course in a real way, as there are still negative effects.”