- Stocks and bonds could be in for more pain as interest rates stay high, according to Mohamed El-Erian.
- The top economist said he plowed more of his wealth into cash, which is yielding 4%-5%.
- Recently, he warned that the odds of avoiding a recession just got lower as rates throttle the economy.
Stocks and bonds are in for a rough ride, cash is the safer option for investors wary of the latest bout of volatility, according to top economist Mohamed El-Erian.
The Allianz chief economic adviser outlined his investment strategy in the current economic environment in a recent podcast with the Financial Times, saying that he’s opted to up his allocation to cash and cash-like assets, which can yield around a 4%-5% for investors given where interest rates are today.
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