- “You need a lot of cash and very little debt to navigate what’s ahead, because markets will freeze up even if the Fed cuts rates, which I think it will,” Mohamed El-Erian said on CNBC’s “Closing Bell.”
- The market continued its rapid decline Thursday with the Dow Jones Industrial Average falling more than 4.4%. El-Erian said he expects stocks to continue to drop in the coming days.
- “It’s not yet safe in my opinion to get back into the market as a whole. You’ve got to let these economic and natural dynamics play out before the market is attractive enough for the sort of risk that is ahead,” El-Erian said.