Slow down to pass quickly?

Given the view that both the Fed and, ultimately, the ECB will cut rates over the next several months by more than is currently discounted, this might be taken to imply a strategic bias that yield curves will become steeper. Indeed, taking the US as an example, in past economic conditions similar to today, when short rates have been cut aggressively, the curve has been far steeper than now.

There are at least two major considerations to take into account, however, when making a judgement about

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