El-Erian: Global Bond Sell-Off Likely to Continue, Pressuring Yields Higher

Mohamed El-Erian warned that the global government bond sell-off is likely to continue, keeping upward pressure on yields. He also said the U.S. Treasury has gone "a step too far" in trying to push long-term yields lower.
"I don't see any appetite in the U.S. for immediate fiscal consolidation. So I suspect we will continue to see upward pressures on yields," he told CNBC.