Mohamed A. El-Erian , Columnist

This Market Selloff May Be Different

The most recent turmoil could last longer and be harder to reverse.

September 12, 2016 at 6:00 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

Buckle up.
Photographer: Michael Nagle/Bloomberg

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Stock markets were beset by interest-rate jitters on Friday, making it the worst day for the major U.S. averages since late June.

Every one of the 10 Standard & Poor’s sectors ended in the red, and bonds and commodities also had a bad day. The backdrop to the selloff was recent developments indicating that consensus market expectations have attached too low a probability to a Federal Reserve interest-rate hike this year, as I have argued.