Famed economist Mohamed El-Erian lays out why he sees more pain in store for bonds

Economist Mohamed El-Erian has warned that the sell-off in global bond markets may not be over. He pointed to reduced appetite for US Treasurys among major foreign buyers like China and Japan, due to domestic and geopolitical issues. Yields rose again on Friday following a hot jobs report, which renewed fears of Federal Reserve rate hikes. El-Erian suggests that US yields have further to climb, indicating more turmoil ahead.

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