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El-Erian Says U.S. Faces ‘Serious’ Challenges Fed Can’t Solve

Pacific Investment Management Co.’s Mohamed El-Erian said the U.S. faces “serious” economic challenges, including lagging housing and labor markets, that will prove resistant to Federal Reserve stimulus efforts.

“You simply can’t overcome these impediments,” said El-Erian, chief executive and co-chief investment officer at Newport Beach, California-based Pimco, manager of the world’s biggest bond fund. “These are structural issues and require structural solutions.”