“Ending is better than mending.” — Aldous Huxley, Brave New World

Huxley wasn’t talking about the Federal Reserve, but he may as well have been.We’ve entered a market regime where policymakers would rather pump, patch,...

For over a year, I’ve been waiting for the yield curve to steepen. Not drift higher. Not wobble. But reverse — decisively — and start climbing again.

Now it’s finally happening.

And when the yield curve turns up in sync...