Mohammed El-Erian is the chief economic adviser at Allianz SE, says he is a little worried about the end of "this wonderful world we've been living in of low volatility, everything going up ..."

He is wary of it coming to a halt with higher volatility ahead if the Fed cuts back on its stimulus. Predicts another year of high and persistent inflation, "Things will get worse before they get better."

Via Bloomberg report, link (may be gated)