El-Erian: Fed will likely remain dovish because short-term outlook has become dimmer

"It's the classic parenting problem: take away the candy and you'll get a tantrum. But keep on suppling candy, it doesn't make things any easier," Mohamed El-Erian, economic advisor at Allianz and Gramercy and president at Queens College, Cambridge told CNBC's "Squawk Box" Monday. "At some point you've got to really hope that the fundamentals will improve fast enough to validate the marketplace."