Explain if the flat yield curve is a result of the long-maturity yields too low or the short-maturity too high?

You are right that the flat yield curve in most cases represents the uncertainty about economic growth. We all know that the normal yield curve should be upward sloping i.e. the yield should be higher for longer maturity. The question now is whether the flat yield curve is a result of the long-maturity yields too low or the short-maturity too high? In other words, in your view the flat yield curve shows the current economic uncertainty or the future?

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