El-Erian Says Jobs Data Raises Probability of 25Bps Fed Move in May

The video discusses two main implications: the likelihood of the Federal Reserve increasing interest rates by 25 basis points in early May, influenced by the CPI number, and the positive economic news of high labor force participation and a decreasing unemployment rate. This economic data is favorable for the S&P and indicates a market transition from interest rate risk to credit risk, suggesting reduced concern over credit risk for now.

In what way is the stock market transitioning according to the text?

What does the number mentioned in the text suggest about credit risk?