OOOOFF!!!

Last week I got long the US 5-30 year yield spread (Air Says Get Long Steepeners). I thought the seasonality, combined with a bear move in bonds, would cause some steepening in that part of the curve. Well, I got the bear move in bonds, but not only was there no steepening, the 5-30 spread flattened down to the previous lows of 92 bps!