Your best indicator for where the stock market is going in 2023 is the 2-year Treasury yield, Mohamed El-Erian says

• The best indicator is to watch the two-year Treasury yield this year for market insights, according to Mohamed El-Erian. 
• "That's the market indicator that has the most information," he told CNBC. 
• He added that the disinflation story "is more complex than we'd like it to be."

Investors looking for the best market indicator in 2023 should turn to the two-year Treasury yield, according to economist Mohamed El-Erian.