Since October 1, the 30-year to 3-year flattened 52 basis points with the 30-year long bond yield dropping 6 basis points and the 3-year rising 46 basis point.
Treasury Yields October 1 vs November 22
One Day Change
On the reappointment of Jerome Powell, yields rose across the board but with yields from 2 years to 20 years all rising more than the 30-year long bond.
This is known as a bearish flattener.
A bearish steepener happens when yield rise across the board with the long end of the curve steepening more.
A bullish flattener happens when yields drop across the board and the long end of the curve drops more.
What About Inversions
The 30-year long bond yield has pretty much been stuck in a wide range centered around 2.0% while yields in the middle of the of the curve have risen dramatically.
The 20-year to 30-year spread is -5 basis points (inverted).
The 7-year to 10-year spread is only +8 basis points. I expect inversion there next.
By next June when the Fed is finally done tapering and allegedly ready to hike rates, the yield curve may be hugely inverted and signaling recession.
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