Capn, I think she'll hold!

The one to ten slope on treasuries is .84, probably  record for this cycle.  All stocks melt up. The one year is 1.48, which I think is slightly high, relative to recent implicit deflator.  The ten year is way too low at 2.32, that is a big bet on a low implicit deflator going forward.  Why not grab the safety of the one year at 1.48.