SHORT ANSWER
The core idea
A bull steepener occurs when yields fall and shorter-maturity yields fall more than longer-maturity yields, causing the curve to steepen.
THE MECHANISM
What is happening underneath
It is often associated with expectations of central-bank easing or deteriorating near-term growth.
MARKET INTERPRETATION
How investors should read it
The term 'bull' refers to rising bond prices, which correspond to falling yields.
BONDSTATS TAKEAWAY
The same market move can carry different information depending on which maturity, issuer and risk premium is changing. Read the question together with the underlying concepts rather than treating one price move as a universal signal.
RELATED CONCEPTS
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