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Chairman of the Federal Reserve Board Paul Volcker yesterday warned of ÛÏfinancial market pressuresÛ implicit in the administrationÛªs economic forecast for this year, which could signal higher interest rates than the White House has forecast.</br></br>At the same time, the nation's lOth-largest bank, Security Pacific National Bank in Los Angeles, pushed up its prime lending rate by one-half percentage point to 17 4 percent, in a sign that the recent decline in interest rates could be over. Security Pacific and some other major banks had cut their prime to 17 percent only three days earlier. Meanwhile Citibank, the nationÛªs largest, raised its broker loan rate from 15 percent to 15! a percent yesterday. Most analysts had been expecting rates to go on sliding for several months.</br></br>In yesterdayÛªs budget hearings, Volcker agreed that the tight-money policy espoused by the administration and the Fed can be reconciled with the administrationÛªs forecast for prices and output in the economy only if money turns over much more rapidly than usual. High interest rates are usually associated with such a rise in the velocity of circulation, or the speed with which a single dollar is turned over.</br></br>The Fed chairman also warned that defense spending could be higher than Reagan has forecast. He urged the Budget Committee to make sure the technical as well as economic assumptions behind its spending estimates were realistic. The Congressional Budget Office has challenged ReaganÛªs budget numbers as too low, citing both technical and economic reasons.</br></br>Higher defense spending because of a faster ÛÏspend-outÛ rate could add $5 billion to spending in fiscal 1982, the CBO said this week. The CBO believes that technical factors will add $12.8 billion to ReaganÛªs budget numbers for 1982, with a worse economy adding a further $13.5 billion.