Mohamed A. El-Erian , Columnist

These 3 Crucial Questions Confront Investors

The answers aren’t clear-cut, but they have significant implications for portfolios.

March 22, 2021 at 9:30 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.”

Jerome Powell doubles down on the Fed’s message.
Photographer: Daniel Acker/Bloomberg

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Last week’s movement in U.S. financial markets confronts investors with three tricky questions. The answers are far from certain; the implications for positioning investment portfolios, on the other hand, are consequential.

Question 1: Is the Federal Reserve losing control of the bond market?