Federal Reserve Chair Jerome Powell has said that the US economy is in a good place, and further rate cuts are not warranted. That is, Trump can’t turn The Fed loose.
Various US Treasury yield curves are un-inverting and are all positive.
The Treasury actives curve is no longer sagging, but the Dollar Swaps curve continues to sag.
But in terms of Treasury futures, the volatility for 2 year, 10 year and 30 year (Ultra) contracts are progressively warping for 10 Delta Puts as maturity increases.
Of course, the yield curve can revert to a negative state if … the China trade agreement becomes unglued, Democrats succeed in impeaching President Trump, etc.