(Bloomberg) -- There’s a 40% to 60% chance that the Federal Reserve will announce a reduction in its asset purchase program tomorrow, according to Mohamed El-Erian, chief executive officer of Pimco.

When the Fed does taper, U.S. central bank officials will offer a package of policies, which may include a change in how much they pay banks on excess reserves, thresholds for changing programs and forward guidance on policy, the Newport Beach, California-based asset manager said an in interview with Betty Liu and Cory Johnson on Bloomberg Television’s “In the Loop.”

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