Don't share the widespread economic optimism on Wall Street, says Allianz' Mohamed El-Erian

• Mohamed El-Erian does not share the widespread economic optimism, noting recent data is 'letting us down' and consumer confidence is 'awful'.
• Inflation expectations have risen significantly, with the year-ahead U of M expectation at 4.80% in April.
• Both analysts are worried about the delayed Fed chair nomination and the potential for political interference impacting the Fed's independence.
• Steve Sosnick highlights historical market downturns during midterm election years and 'real-world tests' for new Fed chairs.
• Markets are pricing out future rate cuts, reflecting a shift in global central bank expectations.

Mohamed El-Erian and Steve Sosnick express significant skepticism about the current economic optimism, citing poor consumer confidence and rising inflation expectations. They voice concerns over the delayed Fed chair nomination, potential political interference with the Federal Reserve, and historical market challenges during leadership transitions and midterm election years.