Rally was like a sugar-high: won't last, says El-Erian
by WSS (CNBC)
Darn those sugar-highs, so sweet to eat up at the time, such a headache when you come down later. Watch Pimco's Mohamed El-Erian's video here...
The July rally was not exactly justified by the economies that reveled in it. Pimco's Mohamed El-Erian told CNBC this morning that the "sugar high," not the recession, will be wearing off soon.
Despite proclamations from some that the recession is over, El-Erian, co-chief executive officer of the largest bond fund manager in the world, said much more needs to happen before the economy registers real growth.
"The July part of the rally is a bit of a sugar high," he said in a live interview. "We need final demand. We need a feeling that deleveraging in the private sector has run its course, that people feel confident now to engage in consumption, investment. "It's not happening yet on the national level, it's not yet happening at the global level."
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