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

Mohamed El‑Erian warns the global bond sell‑off may not be over and investors should brace for more volatility.
Major foreign buyers like China and Japan are pulling back from U.S. Treasurys, reducing demand and pushing yields higher.
A stronger‑than‑expected jobs report reignited fears of more Fed rate hikes, sending Treasury yields up again.