Fed 'Cannot Offset' Global Economic Slump Says Pimco's Fels

The video discusses the limited role of interest rates in current financial conditions, highlighting the Fed's influence on financial cycles but not on business cycles. It addresses the global manufacturing recession, particularly in China, and its delayed impact on Europe and the US. The Fed's potential actions to mitigate financial tightening during an economic slump are likened to a circuit breaker. The video concludes with a cautious outlook on US credit, emphasizing quality investments outside the corporate sector due to economic risks and the spread of a virus.

What concerns are raised about the current state of US credit in the text?

According to the text, what should investors focus on during times of economic uncertainty?