The yield curve can give us clues about future interest rates, inflation, and economic activity. By analyzing data from the US and UK, researchers found that changes in inflation and real interest rates can cancel each other out, making it hard to predict nominal interest rates. However, yield spreads can give clearer signals about economic activity. In the UK, inflation and real interest rates moving together can help predict nominal interest rates. Disinflation can also provide important information about the real term structure. Overall, relying too much on the yield curve as a predictor of economic trends may not be wise.