Recently Alliance chief Mohamed El-Erian described the Federal Reserve’s attempts to prepare markets for the normalisation of US interest rate as “wishy washy” http://www.yieldreport.com.au/news/el-erian-says-fed-missed-its-chance-to-raise-us-rates/. His former colleague at PIMCO, Bill Gross, has joined the criticism of the US central bank saying to raise rates now would create financial market instability. However, he recognised a return to a neutral setting for official rates at 2.00% was needed. "The Fed is beginning...