Jim Hamilton reviews recent changes in the yield curve and concludes that:
...One goal of the Fed's second round of quantitative easing begun at the start of November was to flatten the yield curve. That obviously didn't happen, and I discussed some of the reasons why a few weeks ago. A second goal was to increase inflationary expectations, which was achieved.
Even so, all we've done is moved back to about where we were a year ago. And a year ago, if you recall, things really weren't that great.
But at least now we're moving in the right direction.