El-Erian, the chief economic adviser at Allianz, told CNBC on Friday that he expects upward pressure on yields to continue due to a lack of immediate fiscal consolidation appetite in the U.S. He noted that traditional buyers of U.S. Treasurys, such as China, Japan, and Gulf countries, are becoming less reliable due to geopolitical reasons and domestic issues. He also highlighted that three G7 countries—the U.K., Japan, and France—are particularly vulnerable to sovereign debt problems, with the U.K. being a "high-beta country" where rates move significantly more than in the U.S. He observed a shift in European yields, with France now a focal point for the bond market, trading inside Italy.