Treasury Yields Are Rising Steeply, But the Yield Curve Is Getting Flatter

A relentless rise in US Treasury yields is underway, but the result is not a steeper yield curve. This is a “bearish flattener” not a “bearish steepener”  Steepening occurs when the difference between short- and long-term yields increases. Flattening occurs when the difference between short- and long-term yields decreases.