There’s about a 60 percent chance that theFederal Reserve will announce a reduction in its asset purchase program tomorrow, according to Mohamed El-Erian, chief executive officer of Pacific Investment Management Co.

When the Fed does taper, U.S. central bank officials will offer a package of policies, which may include a change in how much they pay banks on excess reserves, thresholds for changing programs and forward guidance on policy, the Newport Beach, California-based asset manager said an in interview with Betty Liu andCory Johnson on Bloomberg Television’s “In the Loop.”

“The idea is that the Fed is going to offer the market a package, and the market is going to be reacting to the package and not just one element, which is the taper,” said El-Erian of Pimco, which oversees $1.97 trillion as the world’s largest manager of bond funds. “The question is what else do they do, and I think that’s what the market hasn’t priced in fully yet, which is what else can accompany the taper decision.”