The surge in long-dated U.S. bond yields currently underway and driving the so-called 'bear steepening' of the yield curve will dramatically reduce the economy's chances of achieving the fabled 'soft landing' and avoiding recession. High and rising long-term borrowing costs tighten financial conditions by making it more expensive for businesses and consumers to roll over debt or get credit, and more expensive for companies to invest. A steepening yield curve is when the spread between long- and short-term bond yields widens. Either the long-term yield rises faster than the short-term yield - a bear steepener - or the ... (full story)