Congress needs to hold the Fed more accountable as the central bank chases an outdated inflation target, says Mohamed El-Erian

• Congress needs to hold the Federal Reserve accountable as the central bank works to meet an outdated inflation target, Mohamed El-Erian wrote in the FT. 
• Upside inflation surprises have prompted investors to reprice assets, leading stocks to drop and yields to fly higher. 
• The Fed should be required to update its policy framework, the economist said. 

US lawmakers need to step up in holding the Federal Reserve accountable for its policy structure and help the central bank tamp down on sticky inflation, said top economist Mohamed El-Erian. 

In a Financial Times column published Monday, he said there's now growing recognition of stubbornness in price increases in the services sector and limits to goods disinflation.