Even if we are in a late business cycle, The real Fed funds rate is near zero, the Fed remains “patient” at the moment and has little influence on the long end of the yield curve.

The 30-Year Treasury Rate minus 10-Year Treasury Rate spread has a normal upward slope, like in the mid-1990s when the economy was growing. This spread is very useful and has been a reliable predictor of recessions. So, “the music can continue to play” and a recession is not imminent.