This Time Is Different. Right? Guys? Hello?

Well actually, it is a little different! The yield curve isn't steepening because the short-end is collapsing faster than the long-end, it's steepening because the Federal Reserve has the short-end pinned while the long-end rises.

I'm not that it will end up any differently for equities though, especially if the 2s10s is going back to the 3 percent area. Or maybe far, far beyond. If the short-end starts rising, the Fed has to do more of what is sending the 10-year vertical. Good luck Jerome!