Protectionism leading to growth concerns ... uncertainty around US-China continues to leave that bitter taste in the mouth of yields. All eyes on Australia joining the party next.
Will take a miracle to avoid the downturn in the economic cycle; remember yield curves are usually counter directional with changes in the front end policy rate expectations and directional in nature with changes in term premia. Front ends are going to remain inverted in the short-term although notably as you get further out on the curve in the US and Canada case, there is room for further CB easing.
With that said my strategy turns neutral for curve trades; these are all already flat for the most part.