Former Pimco co-CEO Mohamed El-Erian predicted Monday the Fed will remove the word "patient" from its policy statement after its two-day meeting this week.
But he added in a CNBC interview: "We're going to see another round of 'linguistic gymnastics.' So I wouldn't be surprised if this notion of the Fed having to be 'sufficiently confident about inflation' creeps in as a way of keeping markets from rushing" to judgment on when interest rates might be increased.