'The Fed has room to cut, but do you really want to use that now when the domestic economy is still doing well?' El-Erian said.
Traders are putting the odds of a quarter-point cut at 77% at the Fed's late October meeting, according to the. In September, the Fed lowered its benchmark overnight lending rate to a target range of 1.75% to 2%, from 2% to 2.25%.
For El-Erian, a well-known economist who used to run investment giant Pimco, the questions surrounding the Fed — and other central banks — isn't whether they will issue "friendly" monetary policy amid a global economic slowdown. "The Fed has room to cut, but do you really want to use that now when the domestic economy is still doing well?" El-Erian said.
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