In 2014, the yield curve flattened considerably as long-term interest rates, like the ten–year Treasury bond, fell by about three-quarters-of-one-percentage point while short-term rates were completely unchanged. In 2015, I expect the yield curve to flatten further, but now it will be short-term rates that rise as the Fed pushes them up, while long-term rates rise by a smaller amount because of a clear lack of expected inflation.