Here's everything the Fed has done wrong in handling the economy and why its reputation is in tatters, according to Mohamed El-Erian

• The Fed's handling of the economy has badly hurt its reputation, Mohamed El-Erian said. 
• El-Erian has criticized the Fed's inflation response, which has sparked fears of recession and cause pain in markets. 
• The economy could soon face a recession or stagflation if the Fed doesn't correct its mistakes, he said. 

The Federal Reserve has botched its handling of the US economy, and its reputation has been badly damaged as a result, according to economist Mohamed El-Erian.