El-Erian on Covid-19 policy risks and ‘zombie’ markets

Former Pimco chief says Fed has gone too far, market function rules needed and chance opens for shared policy load

Mohamed El-Erian
Mohamed El-Erian, Allianz

This interview with Mohamed A El-Erian – the chief economic adviser at Allianz – took place on April 13. It was first published by our sister title, CentralBanking.com.


We have seen massive interventions by the US Federal Reserve in the past few weeks to underpin financial markets. The Fed’s balance sheet has already spiked past $6 trillion. It is now buying corporate bonds and offering a paraphernalia of liquidity instruments. What has the Fed got right? What has it got wrong? And what more

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