BB King sang it best with “The Thrill Is Gone.”  

Now that hopes for tax reform are gone (probably for a year), the US Treasury 10Y-2Y curve slope remains below 80 basis points. Far below where it was when Trump was elected President when optimism of something new (like tax reform) in Washington DC breathed life into the bond market.

The 10 year Term Premium also remains negative.

Yup, the thrill is gone.