Allianz chief economic adviser Mohamed El-Erian said moves in the U.S. Treasury curve today sent two signals. The 2s-10s spread narrowed about 7bps and the 2s-30s spread about 10bps, indicating curve flattening. He said the near-term read is hawkish repricing after Fed Chair KEVIN WARSH's firm commitment to the inf target; the longer-term read is market recognition of the Fed's lasting credibility.