[Fed's Williams tying rising yields to strong economic prospects](https://www.cnbc.com/2026/09/02/new-york-feds-williams-says-yield-surge-due-to-strong-economic-prospects.html) is the playbook inversion nobody's calling out yet. The 10-2 spread is now 40bp — flat by historical standards — and that's NOT a sign of confidence in growth.

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