Pimco CEO-Treasuries price in 'lots of rate hikes'

NEW YORK, June 9 (Reuters) - The short end of the Treasury yield curve is pricing in "lots of rate hikes" and has gotten ahead of itself, Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co, said on Tuesday.

"Right now, the market has gotten ahead of itself, especially the front end of the bond market," El-Erian said in an interview on CNBC. The market has priced in a lot of interest-rate hikes by the Federal Reserve, but the economy and the labor markets are still weak, he added.

Last week, the Labor Department said the U.S. unemployment rate in May raced to 9.4 percent, the highest since a matching rate in July 1983, from 8.9 percent in April. (Reporting by Jennifer Ablan; Editing by James Dalgleish)