You and me, we’ve made a separate peace.

The line suggests an intimate, private truce—two people choosing to step outside a larger conflict (war, social pressure, moral judgment, or interpersonal strife) and establish their own terms of coexistence. “Separate peace” is a political phrase for a treaty made independently of allies; applied to “you and me,” it implies a relationship that refuses collective loyalties and public narratives. In a Hemingway context, it can be read as a character’s attempt to carve out a small, personal sanctuary against forces that feel inevitable or overwhelming, while also hinting at the fragility or moral ambiguity of opting out.