The Disinversion You Should Be Watching

When you hear the term "disinversion," you probably think Treasury curve. If this were a normal cycle, we'd be talking a lot about the bull steepener right now -- the market would be in the process of ferreting out signs of a looming recession, the front-end would rally in anticipation of eventual Fed cuts and the curve would steepen. Instead, we've spent time in recent weeks fretting over a disconcerting bear steepener -- the long-end has lost its anchors and looks more like a volatile penny s