Stocks and bonds are in for a 'painful' journey and cash is safer, according to top economist Mohamed El-Erian

• Stocks and bonds could be in for more pain as interest rates stay high, according to Mohamed El-Erian.
• The top economist said he plowed more of his wealth into cash, which is yielding 4%-5%. 
• Recently, he warned that the odds of avoiding a recession just got lower as rates throttle the economy. 

Stocks and bonds are in for a rough ride, cash is the safer option for investors wary of the latest bout of volatility, according to top economist Mohamed El-Erian.