Federal Reserve Chair Jerome Powell recently warned of the potential for more frequent supply shocks in the U.S. economy, presenting a tough challenge for central banks. Economist Mohamed El-Erian responded sharply, drawing parallels with historical economic periods such as the 1970s stagflation and recent COVID-era disruptions. El-Erian has consistently cautioned about risks from renewed tariffs and trade conflicts, which could lead to low growth and high inflation, putting central banks under pressure.