Above is a chart of the difference between the 30 and 5 year CMTs -- constantly maturing treasuries. Since the beginning of December, this spread has been declining.
The reason for the decrease is a rally in the long-end of the curve as the 30 year CMT has decreased from ~ 3.9 to ~3.5, or a decrease of about 40 basis points. That tells us that traders don't see inflationary pressures.
