The Fed will be forced to surrender on rate hikes after SVB's failure, says top economist Mohamed El-Erian

• The Federal Reserve will be forced to end its interest-rate hikes following SVB's collapse, according to Mohamed El-Erian.
• "The immediate move in 2-year bonds points to the view that, by treating this as a systemic threat, the #Fed will also retreat from its #inflation battle," the top economist said. 
•  SVB's collapse is seen as a byproduct of the Fed's jumbo rate hikes over the past year.

The Federal Reserve will be forced to give up its aggressive monetary policy after Silicon Valley Bank's meltdown, according to Mohamed El-Erian. 

The chief economic adviser at Allianz pointed to plunging US bond yields as a key sign the central bank could halt its interest-rate increases aimed at cooling inflation.