Treasury spread turns positive again

The spread moved from −47 bps on 2024-06-14 to 0.00 bps on 2024-08-27 and finished at +33 bps on 2024-12-31. Source: fred.stlouisfed.org

The Treasury spread moved from −47 bps on 2024-06-14 to 0.00 bps on 2024-08-27 and finished at +33 bps on 2024-12-31 fred.stlouisfed.org. That crossing is the whole chart: an inversion fades, the zero line is reclaimed, and the curve ends in positive territory. Nothing else is being argued here. The shape matters because the baseline is the story; below it, inversion dominates, above it, it does not. The late-year rise is slow and clean, which is exactly what normalization looks like when the market repairs rather than snaps. It begins under the waterline, clears it, and stays there into the close. No extra annotation is required; the line already makes the turn legible. That restraint is the point of the graphic.