To illustrate Rick Santelli’s point from this morning, the US Treasury 2s-10s curve has reached its steepest level of the year.
From a longer-term perspective, two things are clear:
While the curve has steepened significantly since its notable inversion, it has yet to return to historical norms.
Indeed, I expect the curve to steepen further in 2026.
10-YEAR TREASURY RATE
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