Mohamed El-Erian says a surge in U.S. Treasury yields, driven by heavy issuance, is reverberating across global markets as the Treasury unveils a buyback plan.

Mohamed El-Erian says a surge in U.S. Treasury yields, driven by heavy issuance, is reverberating across global markets as the Treasury unveils a buyback plan. He also points to 199,000 jobless claims and firm productivity as signs of U.S. resilience.