PIMCO’s Mohamed El-Erian says the Federal Reserve shouldn’t do anything that would disturb the bottoming of the housing market, and says the risk/reward outlook of another round of quantitative easing is getting “less favorable”. El-Erian tells Bloomberg’s “In The Loop” that he thinks the housing market is finally bottoming, though it is a prolonged bottom. He says withdrawing current stimulus or a “fiscal cliff” shock could derail the housing recovery, which he says is “critical” to the overall economic recovery. El-Erian also lays out what he sees as the four biggest risk factors right now. In order, they are the U.S. fiscal cliff, Europe’s debt-driven woes, geopolitical risk, and China’s slowdown.