One take is that it is going into "bear steepening" mode, where bonds go down and long rates go up...even though the central bank are trying to get rates to drop. 

I like the introduction of a "reverse conundrum", where imponderable structural forces continue to drive up long rates, while the central banks push down on the other end.  Let's hope that does not turn out to be a prevailing trend.

Bear Steepening?  Mid-Cycle Slowdown or Worse?