"Rather than be strategic, this Fed is overly data dependent, and has turned into a play-by-play commentator," El-Erian told CNBC's Steve Sedgwick at the Ambrosetti Spring Forum in Italy.
The economist told CNBC that a longer-term, more strategic outlook could see policymakers settle on a new inflation target of closer to 3%. "That's not the role of the Fed," he continued. "The Fed should be strategic, the Fed should provide a strategic anchor, a stabilizer."Squawk Box EuropeEl-Erian said the comments were an example of the Fed "overreacting to data," and said that it should take a more holistic view of the economy.
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