t shows the move for the various Treasury futures and the SPX in the last year. To my eyes, it's fairly obvious that the enormous gains of the Bond vs the rest of the curve have been caused by repeated moves away from equities in a flight to safety rather than any special insight into inflation or US government deficit funding plans. The steeper curve was caused by fear. A flattening one will come from greed.
You can see for yourself back to 2005 at futures.transmatch.com