Financial markets are waiting for a range of issues to be resolved, and it won't happen quickly, says Pimco CEO Mohamed El-Erian.

"The risk markets — stocks, high-yield bonds — are basically treading water at this stage and getting tired, because we've priced in a lot of good news," he tells CNBC.

Among the looming issues are the U.S. debt ceiling, the U.S. government budget, President Barack Obama's selection of a new Federal Reserve chairman, a possible tapering of the Fed's quantitative easing, German elections and issues in Greece, Portugal and Japan, El-Erian explains.

Editor’s Note: Obama Blunder Spawns Massive Profit Opportunity

"So, a lot of stuff has been pushed back on purpose in September and October, and I think the market here is just going to wait for greater clarity," he notes. "That clarity is not going to come very quickly."

Many commentators expect the tapering to begin in September. If it's pushed back to December, it will be bad for financial markets if the delay is caused by weak economic data, El-Erian contends.

But it will be good for markets if the postponement stems from the Fed's lack of worry about the risk of its unconventional policies, he says.

"We haven't had to reconcile that because profit growth has been so strong and because companies have had cash to give back to investors, but remember the disconnects," El-Erian insists.

"We've have a disconnect between the macro and profitability. We've have a disconnect between profitability and corporate investment. And we've had a disconnect between GDP [gross domestic product] and employment. So, at some stage we've got to reconcile these disconnects, and the longer they persist, the greater the risk to the markets."

Meanwhile, Atlanta Fed President Dennis Lockhart said in a speech Tuesday that the Fed might begin its tapering at any of its next three policy meetings, even amid "uneven performance" by the economy.

"A decision to proceed, whether it is in September, October or December, ought to be thought of as a cautious first step," said Lockhart, who doesn't vote on monetary policy this year.

Editor’s Note: Obama Blunder Spawns Massive Profit Opportunity