Legendary investor Mohamed El-Erian unpacks how a private credit crisis could play out in markets

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• Mohamed El-Erian sees a dangerous chain of events potentially emerging from the private credit sector.
• The famed former invesment chief of PIMCO laid out how he sees a crisis unfolding as liquidity concerns grow.
• In his bear-case, the US could face a lending crunch and a recession as issues in the sector spread.

Jitters in the private credit market have the potential to morph into into something more serious that...