Treasury curve steepening accelerating - fed pivot priced

10Y-2Y spread just hit widest since July at +15bps, fastest steepening move in months. Market's clearly pricing Fed cuts deeper than the dots suggest, but this feels like positioning getting ahead of data again.

The way I'm thinking about this steepening - it's creating a real headwind for my REITs and utilities that were working as bond proxies. Just trimmed some NEE this morning because when the long end sells off this fast, dividend yields start looking expensive relative to risk-free rates.

The steepening is all about duration risk repricing - when 30Y yields spike 15bps in two days while 2Y holds steady, someone's getting margin called on their curve flattener. My base case is this accelerates until pension funds and insurance companies capitulate on their long duration bets.