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Allianz's El-Erian says Fed likely to drop "patient" from statement - CNBC


    NEW YORK (Reuters) - Mohamed El-Erian, chief economic adviser at Allianz SE , said Monday that the Federal Reserve would likely remove the word "patient" from its formal statement on the timing of rate increases when it meets this week.

    "I believe that 'patient' is coming out, but we're going to see another round of quote 'linguistic gymnastics,'" El-Erian told cable television network CNBC.

    "I wouldn't be surprised if this notion of the Fed having to be sufficiently confident about inflation creeps in as a way of keeping markets from rushing to the terminal value," he said.

    (Reporting by Sam Forgione; Editing by Chizu Nomiyama)