No recession, no relief: America is, for now, too strong for the price of capital to fall

The US ten-year yield is at its highest since 2002, and the curve is steepening. In the old playbook, that meant investors were bracing for recession. But September's ISM surveys show no downturn in sight, and inflation expectations remain elevated. So if the bond market is not pricing a slump, what exactly is it pricing?

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