USTs Long End Trade Idea
If you’re watching the long end of the curve closely right now, you’ve probably noticed something has shifted and it’s not just about direction. It’s about regime. The 10s30s spread is starting to steepen meaningfully, and not in a recessionary, flight-to-safety sort of way. This is bear steepening the kind where both the 10-year and 30-year yields rise, and it signals a market reassessing the trajectory of inflation, nominal growth, and the credibility of central bank policy.
