Stock market outlook: Rally could be disrupted by 4 headwinds El-Erian says

, prompting expectations for the Federal Reserve to ease up on its rate hike policy.

The prospect of softer rate hikes—and possibly rate cuts in 2023—have sparked an impressive rally, with the S&P 500 gaining 4% from the start of the year as investors ramp up their risk appetites and pour more money into the market. "In addition to raising questions about the sustainability of the current policy approach, this also increases the risk of new mutations of the virus spreading from China," he said.Government aid doled out to households during the pandemic is largely gone, and many households are also strapped with higher debt. That could spell trouble for US growth, El-Erian warned, especially if strength in the labor market falters.

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