Mohamed El-Erian knows why bond markets from the United States to Germany to Brazil, where yields have dropped to record lows even though debt has ballooned to more than $40 trillion worldwide, aren’t a bubble waiting to burst.
“We may be in a synchronized slowdown” in global economic growth, El-Erian, who as chief executive officer of Pacific Investment Management Co. oversees $1.77 trillion, said Wednesday in a telephone interview. “We could stay here for a while.”
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