The bear steepening from late August was a head fake. We went from about 18 basis points between the 2- and the 10-year on August 27th to 34 on October 10th. That's when the equities market threw a tizzy as the ten-year reached the 3.25% threshold.

And just as when, we had a similar dynamic in January and February, Treasuries have rallied across the curv…