A steepening yield curve is when the spread between long- and short-term bond yields widens.
Either the long-term yield rises faster than the short-term yield - a bear steepener - or the short-term yield is falling more - a bull steepener.
Bear steepenings of the benchmark two-year/10-year U.S. Treasury yield curve, when the curve is inverted, are rare.
In some ways, a positive-sloping yield curve is the natural order of things.
Graff reckons the bear steepening is almost over and the curve will struggle to get past -20 bps.
Persons:
Warren Pies, Dario Perkins, Lombard's Perkins, Bond, Bill Gross, Goldman Sachs, Tom Graff, Graff, Jamie McGeever, Andrew Heavens
Organizations:
Treasury, 3Fourteen Research, TS Lombard, Federal Reserve, Reuters, Thomson
Locations:
ORLANDO, Florida, London reckons