Will Western pundits ever learn? They still think America’s slightly inverted yield curve — when short-term Treasury yields top long — means recession is imminent. To fix it, everyone thinks the U.S. Federal Reserve must cut rates. Wrong on both counts. While I’m all for a steeper U.S. curve, rate cuts aren’t the way to get it. They — and thus China — would get a bigger bang by dumping all the bonds bought during “quantitative easing” (QE).