Mohamed A. El-Erian

There were immediate, positive reactions over her overall message, which was taken as an indication of continued support from the Fed.

Hang on tight. Last week’s break from volatile, loss-inflicting markets may not signal a calmer market phase ahead.

The growing list of improbable developments is indicative of a global system that is signaling a major transition -- and far too many portfolios are not yet positioned for this, writes Mohamed A. El-Erian.

There are still structural headwinds facing the U.S. economy that need a policy response far beyond what the central bank can implement.