Allianz's Mohamed El-Erian told CNBC that investors should focus on company's with strong balance sheets because the Federal Reserve will not be able to stabilize markets.
"You need a lot of cash and very little debt to navigate what's ahead, because markets will freeze up even if the Fed cuts rates, which I think it will," Mohamed El-Erian said on CNBC's "Closing Bell."
"It's not yet safe in my opinion to get back into the market as a whole. You've got to let these economic and natural dynamics play out before the market is attractive enough for the sort of risk that is ahead," El-Erian said.Allianz chief economic advisor Mohamed El-Erian said Thursday that the Federal Reserve will not be able to stop the financial markets from freezing amid economic fallout from the coronavirus outbreak.
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