The former PIMCO CEO stated in his latest opinion piece for The New York Times that this is not an ordinary bond-market sell-off, but could mark the beginning of a structural economic shift more enduring and globally consequential. He attributes the surge in yields not to runaway inflation, but to a rise in real yields demanded by investors in a more volatile world. El-Erian points to intense borrowing by hyperscalers for AI data centers and the absence of traditional U.S. bond buyers, such as Japan, as key drivers. He warns that higher rates will particularly impact low-income households, sidelining first-time home buyers and increasing everyday transportation costs.