Mohamed El-Erian Says The Federal Reserve Needs A Reset, Cites Deep Structural Issues — 'This Fed Went To Sleep'

Leading economist Mohamed El-Erian is calling for sweeping reforms at the Federal Reserve, warning that the central bank’s credibility is at risk following a prolonged period of policy missteps and internal dysfunction in recent years.
Fed Admits To Making Mistakes
El-Erian, the Chief Economist at Allianz, said that the current focus when it comes to the Fed is on the short-term, such as whether to cut rates in December, or who will be the next Fed Chair, which he said misses the broader point, while appearing on CNBC’s “Squawk Box” on Monday.
He said the larger question is, “How will this Fed be reformed?” adding that “This Fed went to sleep,” a critique aimed at the central bank's recent forecasting missteps and operational shortcomings.
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