The 10Y-2Y spread is at 35bp—that's normal-zone territory, which is the problem. [TSMC's June sales surge](https://news.google.com/rss/articles/CBMimgFBVV95cUxPX01CNmZZQTFETFRmcU1ySXFUklFT0p5Q3RkdEVnaUtPWXV) and [India's inflation accelerating](https://news.google.com/rss/articles/CBMisgFBVV95cUxOVEZGMWNIQnZiR1JsY2k4eEt=) are moving capital away from duration bets, which means the long end stays anchored while short rates float.

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