I had a feeling the post-FOMC plunge might be a final shake out of the steepener contingent, of which I am a card carrying member, still carrying my home made ‘long SHY/short the long bond’ steepener (that is by the way paying dividends in both vehicles as TBT just spit one out and SHY does so every month). The spread just ticked a recovery high. Live chart here.
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