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Top economist Mohamed El-Erian said investors should brace for interest rates to climb higher, rise faster, and last longer. He also warned that Russia's latest escalation in its war with Ukraine further weighs down on the markets. 

"The likely 75 bp hike, and the forecasts and signaling that come with it, will be part of the HFL policy paradigm in the advanced world—higher, faster and for longer on rates," he tweeted on Wednesday. "The related complexities have been accentuated by the Russia news just now."

The Allianz's chief economic adviser said that the Federal Reserve could hike its benchmark rate by 75 basis points to between 3% and 3.25% later on Wednesday. The US central bank is also expected to pencil in further increases as it seeks to tame inflation, which blasted above a 40-year high in June.

Meanwhile, Russian President Vladimir Putin on Wednesday ordered the mobilization of around 300,000 more troops to support his invasion of Ukraine and hinted he would use nuclear force if he has to.

El-Erian has repeatedly pointed to the complexity of conquering inflation without wreaking havoc on the economy. On Saturday, PIMCO's former CEO and co-chief investor raised the prospect of global "stagflation" — a painful combination of stagnant economic growth, surging unemployment, and stubborn inflation.

The top-notch economist also cautioned earlier in September that Europe's energy crisis, China's ongoing lockdowns, and the US's elevated inflation and waning consumer demand were making global growth more fragile. As a result, central banks are more likely to drive their economies into recession, he said.

El-Erian's latest tweet suggests he sees persistently higher rates, and a greater risk of the Fed and its peers botching their inflation fights, scuppering economic growth, and causing widespread job losses.