Curve Regime (Bull/Bear Steepener/Flattener)

A steepening curve means something different when it comes from real rates than when it comes from inflation pricing. This operator runs the textbook regime taxonomy on the nominal curve and separately on its real and breakeven legs, so the label always comes with which leg is setting the shape — and leg disagreement is a reading, not an error.

Reading it

• Nominal bear-steepener + real bear-steepener + breakeven neutral — real rates are reshaping the curve: term-premium/growth story, the inflation anchor is quiet.
• Breakeven leg driving — the anchor itself is moving; cross-check the breakeven monitor legs.
• days_in_regime says how established the state is; the ribbon shows the path, which is more robust than any single label near transitions.