On the Yield Curve

As I watch the 10/2 yield spread inch another increment toward steepening I can’t help but wonder if the public, which was diddled so thoroughly (and incorrectly) about the negative implications of the curve’s inversion during the jittery summer, has – to the extent that the public even remembers the yield curve – breathed a sigh of relief now that the thing is back above zero.

Of course you know and I know that it is the steepening that eventually either brings on major financial/economic issues or inflation issues. But the public was shitting its pants in August as it was inverting. That was when to be buying. The public is buying now because among other things, yay the curve is no longer inverted!

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