The Fed may have destroyed the housing market by crushing both supply and demand, top economist Mohamed El-Erian says

• The Fed may have broken the US housing market, according to top economist Mohamed El-Erian.

• That’s because interest rate hikes have helped drive up mortgage rates, weighing on both supply and demand.

•  

The US housing market may be broken, and the Federal Reserve’s aggressive interest rate hiking cycle over the past year could be to blame, according to top economist Mohamed El-Erian.

“There’s a real issue as to whether we’ve broken the housing market,” the Allianz chief…