Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said Federal Reserve Chairman Ben S. Bernanke was “relatively dovish” in his outlook on the U.S. economy and monetary policy. Bernanke said in prepared comments before testimony to Congress that the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant. Markets “took the tapering too far,” El-Erian, also co-chief investment officer with Pimco founder Bill Gross, said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu. Yields on ... (full story)