Before the GOP presidential combatants fired their first salvos at their debate Wednesday, the Federal Reserve sounded off on the state of the economy.
Economist Mohamed El-Erian said he'll be closely watching the debate to see if the candidates understand the gravity of an eventual Federal Reserve rate hike.
"Over the longer term, it's all about the handoff," Allianz' chief economic adviser said on CNBC's "Closing Bell." "If you believe the Fed will succeed in handing off to other policymakers, then these valuations make sense. And the debate tonight is going to be really important as to whether our politicians realize that we need this critical handoff in economic policy."