El-Erian Expects 'Game of Chicken' in Credit Next Year

The video discusses the current state of the mortgage market, highlighting that a significant portion is not yet paying the expected rates. It delves into the challenges faced by corporations with lower credit ratings, particularly in the high yield sector, and the massive refinancing needs anticipated in the coming year. The role of distress credit funds is also explored, with predictions for market trends in the near future, emphasizing the need for caution as the market evolves.

What does the speaker believe will happen next year regarding the financial situation?

What is the significance of the market pushing back weight cuts according to the speaker?