The lack of inflation is significantly changing the yield curve

In the United States and the euro zone, full employment has not brought back more inflation, and core inflation remains very stable. This is significantly changing yield curves: The yield curve slope no longer reflect s expectations of future growth ; the reason is that growth no longer brings back inflation, and expectations of future growth no longer give rise to expectations of rising inflation and interest rates in the future ; As inflation is stable, uncertainty about future inflation is low, and uncertainty about future interest rates is therefore low; this drives down the term premium and leads to a structurally flat yield curve. So we cannot talk about the yield curve in the same way as in the past .