New video commentary by Mohamed El-Erian, CEO and Co-CIO of PIMCO - Recent US jobs data is a 'muddles middle' number. The Fed is frozen as the data is not strong enough to give a handoff but not weak enough to increase QE. This confirms that the economy is improving but not improving fast enough, an issue for those concerned about problems being structurally embedded into the system. Liquidity is being withdrawn and investors should pare back risk. The Fed is currently buying time for the system to heal and for Washington to deliver the necessary structural improvements.