The Fed won't slow its rate hikes because the economy is still strong enough to take more tightening, top economist Mohamed El-Erian says

The Federal Reserve won't slow down their rate-hiking regime because the economy is still strong enough to take more monetary tightening.

He said in an interview that the central will have to consolidate its gains instead of pulling back. They are unable to celebrate.

The president of the San Francisco Fed said it was too early to proclaim victory on inflation.

El-Erian thinks the Fed will welcome the latest print, but it won't slow down.

He thinks the next Fed rate hike will be between 50 and 75 basis points.

Fed policymakers can continue doing what they're doing because the underlying strength of the economy is still significant, according to the JulyCPI report that showed cooling inflation and last week's payroll report that showed 528,000 new jobs were added last month.