The U.S. economy is "not in a recession," and the Federal Reserve is likely to raise interest rates "one or two more times," said fixed-income expert and economist Mohamed El-Erian.

"I suspect they'll hike one to two more times," Mr. El-Erian said of the central bank, led by Chairman Jerome H. Powell, in the interview with Jennifer Ablan, Pensions & Investments' editor-in-chief .