'Significant baggage': Mohamed El-Erian outlined for us the challenges facing American exceptionalism in markets and the economy

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• Mohamed El-Erian thinks stocks and the economy will be weighed down by "baggage."
• He pointed to a vulnerability in markets created during the era of cheap money.
• US exceptionalism could struggle as the paradigm shifts.

Mohamed El-Erian sees a potentially difficult path ahead for US markets and the economy.

The top economist and former co-CIO at PIMCO said there are challenges facing American exceptionalism — the idea that US markets...