Fed lacks a vision on economy, ‘overly data-dependent’: El-Erian

Becky Quick, CNBC, Released on 6/16/16

“The collateral damage and unintended consequences of this prolonged experiment with very low interest rates [and] very big balance sheets are starting to have a meaningful [negative] effect on the economy.”

Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world’s largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. His book, When Markets Collide: Investment Strategies for the Age of Global Economic Change, was a New York Times and Wall Street Journal bestseller.

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