The Federal Reserve's BTFP Program & CPI Data
The Federal Reserve's Bank Term Funding Program is capping the entire US treasury bond yield curve at the 1 year fixed swap rate and yet also incentivizing yields to rise toward the 1 year fixed swap rate.
All yields are incentivized to converge on the 1 year fixed swap rate(5.22% currently), effectively uninverting the yield curve.
Also, declining CPI in the context of liquidity provided by the federal reserve will lead to new highs in the equity markets assuming that those conditions continue.