The above is the yield curve data as of yesterday. It is truly flattening. Short term rises and long term drops. Greater short term uncertainty and poorer long term prospects.
Just look at the above. We have a much lower spread and an exploding short term rate. Remember that the Interest of Federal debt where 75% is short term, or $3 trillion short term, also explodes as short term rates increase. With the then lowered long term growth prospects and the increased short term costs this is bleak!