Allianz Chief Economic Adviser Mohamed El-Erian joins ‘America Reports’ ahead of the March inflation report’s release and discusses President Biden’s expected push for electric vehicles. #FoxNews

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All right here we go Inflation Nation we Are watching those Sky High consumer Prices that we're all still playing uh Paying I should say as we await the Latest inflation report some economists Are warning that the expected drop in Inflation will still not be large enough To cause the Federal Reserve to Halt Their interest rate hikes all this Despite Americans struggling with record Credit card debt and growing concerns Over the state of the U.S banking system Muhammad elyrian Allianz chief economic Advisor is here and he is on set with us In New York and we appreciate that great To see you Muhammad thanks for having me Um what do we need to know about this Inflation report I think as American Consumers we're all still feeling the The Sky High inflation we're paying for It in some way or another so if prices Come down in this report like they're Expected to do this is going to be a Good indication what's going to happen Next with the Federal Reserve so how are You watching all this so the inflation Rate the weight at which prices go up is Expected to come down from six percent To about five and a half percent that's The good news but it stops there five And a half percent is way too high that Robs us from our purchasing power And that my expectations that Federal Reserve is going to hike another 25

Basis point when they meet at the Beginning of May And the concern Sandra is that inflation Will not go back to that two percent Target without causing damage to the Economy that's the main concern I have And that's simply because we started too Late in our inflation fight interesting And a couple of questions for you on Electric vehicles which the Biden Administration is essentially going all In on very ambitious if we can pull up These full screens right here we'll talk About what their goals are the Administration wants by 20 30 54 to 60 Percent of all new cars sold to be Electric vehicles and then by 2032 they Want it to be 64 to 67 percent Essentially two-thirds of all new cars Sold and if we can pull up the second Full screen here this is where we're at Right now though at the end of 2022 uh Only 5.8 percent of all cars sold were New cars excuse me were electric so how Realistic is this goal of hitting almost Two-thirds of all vehicles sold being EVS by 2032. well we've got to improve Our infrastructure because without Improving our infrastructure people Won't buy in Um look lots of countries are doing this The UK went to extremes saying they're Going to Outlaw outlaw Um gas driven cars in 2030. so there's

An element of it's not enough to have The carrot you need a stick to encourage This now whether that happens or not Will really depend on all the Preconditions being in place but it's Something that's happening around the World as people try to encourage Adoption I mean Bill those numbers are shocking I Know and I should also note that the the Biden administration's own energy agency Right now is forecasting that EVS will Be a mere 10 of the American car market By the year 2050 like so we're just not There yet and you don't have to demand People buy these things if they're Popular and people like them I think This is Bjorn lomborg's point you know Almost monthly in the Wall Street Journal if you create the cars people Want they'll demand them you don't have To mandate them so look at me when I Went to pick up my call from hurts the Other day the only thing they had left Was an electric car and my first Reaction was I don't want that liquor Car I don't know how to deal with Electric car they said that's all we Have and it took me a day to get used to It okay okay and now I'm much more open Than I was before so this is really Tricky it's really really tricky Um it doesn't happen naturally I agree With you I but I'm willing to take way

Above 10 percent Um that is the forecast it is it is it It's a it's a bet with you I'll slide a dollar over the table I Don't know you think that we're gonna Exceed 10 of the American car market Electric vehicles will yeah they are 20 50. easily fascinating easy can the cost Come down the price of these things the Price is coming down I mean Tesla just Just cut its prices the prices are Coming down the batteries are improving But critical is a charging station you Got to make people confident that they Can charge when they want to charge it Nowadays you can just go to a gas Station very easily but if you you need More charging stations in real quick Average price right now 61 000 for an EV What does it need to get to for more Buy-in I suspect forty thousand got it Thank you for your time thanks for Having me all that lithium it's coming From China Muhammad we need to we need To do more all right great to have you Here please come back to New York soon All right thanks I'm Steve Ducey I'm Brian Kilmeade and I'm Ainsley Earhart And click here to subscribe to the Fox News YouTube page to catch our hottest Interviews and most compelling analysis