The steepness of the curve, if you need a refresher, relates to the difference between the yields on short-term credit—such as three-month Treasury bills, which influence your yield on cash and savings accounts—and a long-term benchmark such as the 10-year Treasury note. This spread closed January 8 at 1.05 percentage points, after a long spell at about half of that. As the curve steepens, economists smell rising inflation. Savers sense a chance to earn a better return. The stock market tends to rejoice at the idea that businesses can soon raise prices and the economy will grow faster.
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