Despite Widespread Belief in Strong Inflation, the Long Bond Suggests Otherwise

Yields are not close to inverting yet but the trend is recessionary, not inflationary.

US Treasury Yields 2021

That might look like a meaningless blip but it isn't. 

If there were inflation fears in bonds, it would manifest itself first and foremost at the long end. 

Instead, the long end of the curve is now falling while the 2-year rate is going up. This is a recessionary flattening of the curve that one should pay attention to.