According to CoinMeta, Mohamed El-Elian, Chief Economic Advisor at Allianz, stated that today's changes in the U.S. Treasury yield curve sent two signals. The spread between 2-year and 10-year bonds narrowed by about 7 basis points, and the spread between 2-year and 30-year bonds narrowed by about 10 basis points, showing a flattening trend. Elian believes that this reflects a dual interpretation of the fixed-income market: in the short term, it is a hawkish re-pricing by the market following Federal Reserve Chairman Jerome Powell's firm commitment to inflation targets; in the long term, it represents recognition of the Fed's long-term credibility.