Mohamed A. El-Erian , Columnist

Eight Takeaways From This Week’s Fed Meeting

Yellen said large-scale asset purchases would no longer be viewed as a front-line instrument.

September 22, 2017 at 6:30 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

See you in December.
Photographer: Mark Wilson/Getty Images

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Here are eight takeaways from the Federal Open Market Committee meeting that took place on Sept. 19 and 20.

As important as these eight takeaways are, they should not detract from the broader “unusual uncertainty” that the Fed and other central banks face. These include an insufficiently robust understanding of key economic relationships, with important gaps not only with respect to inflation dynamics, but also the determinants of productivity and wages. There are also growing questions about both the risk of financial instability and whether 2 percent remains the appropriate target to specify for the “price stability” component of its dual mandate. But these deeper issues will be left for subsequent articles.