Watch Allianz's Mohamed El-Erian break down Fed rate hike, markets and more

Mohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins CNBC's 'Squawk Box' to react to the Federal Reserve's interest rate decision, break down the markets' reaction and more. "This is the great awakening of central banks to the fact that they are way behind on inflation," El-Erian tells CNBC.