10-year Treasury yields being the highest relative to 2-year yields since 2022 indicates a widening gap. This is typically seen as a signal of improving economic conditions or inflationary pressures in the long term, as investors demand higher returns for holding longer-term bonds. Conversely, it can also suggest that the market expects economic challenges ahead, as steepening yield curves often precede recessions.
h/t IAmNotAnEconomist