The "new normal" was characterized by below trend growth, high unemployment, and ultra-low interest rates as the U.S. suffered the economic consequences of the crisis.

On Thursday, El-Erian told CNBC that the "new normal" may soon be over.

He wasn't quite ready to call the end of period, but he was getting close.

Bigger picture, a lot of analysts are now calling The Big Turn.Société Générale economist Aneta Markowska agrees, and she thinks it could happen in the first half of 2013 – even sooner than most expect.