It's not just USTs. Rates are falling all over the world faster in shorter maturities than long. That means a global wave of un-inversions and bull steepening right as more and more central banks plan to accelerate their own rate cutting. All of it for the same reason. Globally synchronized.

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NBB Is a recession imminent? The signal of the yield curve
https://www.nbb.be/doc/ts/publications/economicreview/2019/ecorevi2019_h4.pdf

Bloomberg Riksbank Cuts Rate Again and Opens Door to Half-Point Move
https://www.bloomberg.com/news/articles/2024-09-25/riksbank-cuts-rate-a-quarter-point-and-opens-door-to-bigger-move

Global Yield Curves Are Un-Inverting, Here's What You Need to Know 18:21 Share

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Global Yield Curves Are Un-Inverting, Here's What You Need to Know