As I detailed in my recent book, "The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse," El-Erian

Reconciling 3 Narratives About Global Growth

 "new normal," "new mediocre" and "secular stagnation." 

 The second view involves questions about the continued effectiveness of central banks. 

 Financial market overshoots driven mainly by changing sentiment about China's ability to bring its economy to a soft landing, and evidence that the U.S. continues to heal. 



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Pfizer in 2019 sold $20 billion of drugs in the U.S. Its federal tax bill? Zero; Ireland

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