Mohammad El-Erian, chief economic advisor at Allianz (ETR:ALVG), said that the current forecasts of a recession in the U.S. are too bold, as there is not enough evidence yet that the coming downturn in the country’s economy will be short and shallow, Business Insider writes.

In his view, many experts dismissed rising inflation last year by resorting to complacency: “People are rushing to say, ‘Don’t worry. If we end up in a recession, it will be short and shallow.'” But we should be open-minded.”

El-Erian drew a parallel between talk of a moderate recession and claims by some observers, including the U.S. Federal Reserve, that rising inflation is a “temporary” phenomenon. Shortly thereafter, such a definition of inflation was “buried” by the Fed itself when it hit a 41-year high in June. El-Erian suggested that current views on recession may be wrong.

He also warned that the insistence that the recession would moderate was a response to “worrisome” economic conditions.