We cannot have a Fed that is reacting to yesterday's data all the time, says Mohamed El-Erian

Mohamed El-Erian, Allianz chief economic advisor and president of Queens' College, Cambridge, joins 'Squawk Box' to discuss the Fed's inflation fight, why he believes the four most important central banks effectively called a 'time out' on policy action over the last two weeks and should use the strategy wisely, economic outlook, and more.