A former Pimco trader is positioning aggressively for yield curve steepening. Ed Devlin, who left the asset management giant, has been building positions that would profit significantly if long-term yields rise faster than short-term ones. This kind of macro bet reflects growing expectations that the yield curve—currently showing mixed signals—could reshape in ways that matter for everything from bond markets to crypto volatility. Steepening trades are typically bullish for growth assets, which has implications worth watching in the current economic environment.