Fed support is the reason why the market keeps rallying in 'rational bubble,' El-Erian says

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A raging pandemic and political turmoil have not been able to sink the market, largely because those factors are outweighed by backing from the Federal Reserve and Congress, Mohamed El-Erian said Thursday.

The Allianz chief economic advisor said the Fed's monetary stimulus along with the promise of still more spending on Capitol Hill outweigh factors that otherwise would drag down stocks and other investments.

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