A recent global stock market sell-off won't be enough to persuade the U.S. central bank to stop raising interest rates, noted economist Mohamed El-Erian told CNBC on Friday.
It comes as financial markets have been hit hard by a range of worries in recent weeks, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields and economic concerns in Italy.
"I don't think the party is over. I think what we are seeing is a transition in regimes," El-Erian, chief economic advisor at Allianz, told CNBC's Hadley Gamble in Paris on Friday.
"One from where markets were comforted by ample, predictable liquidity to now having to recognize that divergent fundamentals are going to be the driver of asset prices."