El-Erian Blames Liquidity Risk for Market 'Mess'

The transcript discusses various risks in the financial market, focusing on liquidity, credit, and market functioning risks. It highlights the challenges posed by the lack of abundant liquidity and the impact of the Federal Reserve's policies. The discussion also covers the implications of these risks on different asset classes, including cryptocurrencies and the treasury market, emphasizing the need for careful risk management in a changing liquidity environment.

What are the types of risks that have not been priced according to the text?

How is liquidity risk described in the context of the current market?

What does the speaker mean by 'home bias' in the context of liquidity risk?

Why is market functioning risk considered particularly concerning?

What evidence is provided to suggest that there is patchy liquidity in the market?