El-Erian says the era of U.S. exceptionalism is on pause - MarketWatch
1. El-Erian suggests U.S. exceptionalism is paused, not over. 2. Tariff wars create uncertain economic conditions, needing resolution. 3. The Fed can influence but not control long-term Treasury yields. 4. Resurgent inflation poses risks to capital allocation and economic health. 5. Moody’s downgrade of U.S. debt rating is historic but expected to have limited market impact.