Pacific Investment Management Co.’s Mohamed El-Erian said the U.S. economy is "having difficulty gaining traction" after a government report showed U.S growth expanded less-than-forecast in the first quarter.
The Federal Reserve is likely to provided additional assistance if the U.S. economy weakens further, though there is “no immediate need” to do so, El-Erian, the chief executive officer of the world’s largest manager of bond funds, said during an interview on Bloomberg Television’s “In the Loop” with Betty Liu.
Gross domestic product, the value of all goods and services produced in the U.S., rose at a 2.2 percent annual rate after a 3 percent pace, Commerce Department figures showed in Washington.
The median forecast of economists surveyed by Bloomberg News called for a 2.5 percent rise.
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