allianz chief economic adviser and noted economist mohamed elerian reportedly said though there have been tremors that impacted the banking system a banking crisis is definitely out of the picture what happened “first of all we are not in a banking crisis we are nowhere near a banking crisis we have had tremors that have impacted some banks you need the large banks to be in trouble to be in a banking crisis and they are not going to get in trouble” he told cnbc on bond market elerian said he thinks the bond market has been incredibly volatile and cited the example of the twoyear treasury yield that shot up from around 360 to about 4 in a matter of a few days in the last month the range has been a 150basis points this is a twoyear that is supposed to be anchored by fed expectations so the bond market itself is trying to figure out where to go and we have now discovered what i have feared for a long time which is that price isn’t no longer signal as well as it used to be because of the amount of distortions that have happened to the fixed income markets he told cnbc us markets closed mixed on monday as investors and traders commenced the week on a cautious note ahead of the release of the consumer price inflation data on wednesday that will decide the course of the federal reserves next policy decision the spdr sp 500 etf trust spy closed 01 higher while the invesco qqq trust series 1 qqq lost 005 on recession elerian also expressed confidence that a recession could be avoided my view has been there’s no reason we should fall into recession other than getting another fed policy mistake look at fridays jobs report it had what people wanted to see solid employment growth higher labor force participation that’s good for both the demand and supply side of this economy he said read next moody’s mark zandi says fed should pause rate hikes ‘if i were king…’