. "That is what derails this market. Otherwise, you have a very strong technical supporting this marketplace."
Bankruptcies have largely been avoided despite the current downturn serving as the deepest and quickest recession in nearly a century. Though some large retailers have defaulted on their debt, the Federal Reserve's move into bond-buying boosted credit market health and drove an influx of investors to corporate debt offerings. Beleaguered sectors were able to tap public debt markets for critical aid before the central bank bought a single bond.
However, stalled talks on a second round of fiscal stimulus and fears of a prolonged downturn are once more weighing on firms' outlooks. If companies can't continue to easily sell debt for cash, the recession could slide into a new phase and drag the stock market with it, El-Erian said. "If you get that, then unemployment gets more problematic and you get capital impairment," he said. "Believe me, if there's one thing that Federal Reserve money cannot help markets through, it's capital impairment events."
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