Mohamed El-Erian, the chief executive officer and co-chief investment officer of Pacific Investment Management Co., wrote on the bond fund giant's website that he thought the Federal Reserve would begin tapering its fixed asset purchases to prevent excessive risk taking, among other reasons. The Fed will release its 2016 economic projections this week when the Federal Open Market Committee meets to revisit the quantitative easing program. El-Erian advised investors to invest in bonds with shorter maturities and to use Treasury Inflation-Protected Securities as a hedging strategy.

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