Watch CNBC's full interview with Allianz's Mohamed El-Erian on markets

Mohamed El-Erian, Allianz and Gramercy advisor and president of Queens College, Cambridge, joins CNBC's 'Squawk Box' to discuss markets, the Federal Reserve and more ahead of the open. El-Erian also reacts to the Biden administration's 2023 budget plans, including new share buyback and minimum billionaire income tax proposals. "A lot of people are asset rich and cash poor, so when you suddenly go after unrealized gains you hit immediately that contrast between assets and cash," El-Erian tells CNBC.