The Fed won't raise interest rates this month but rising oil prices could spur a future increase, top economist Mohamed El-Erian says

• The Fed won't raise interest rates at its next meeting, but could leave the door open for future increases, Mohamed El-Erian said. 
• A stronger-than-expected US economy and rising oil prices are key reasons why further hikes could be on the table. 
• "There's no reason to fall into recession unless there's another policy mistake," El-Erian said. 

The Federal Reserve won't lift interest rates at its next policy meeting, but will keep the door open for future increases if necessary, top economist Mohamed El-Erian said.