{"id":260486,"date":"2024-09-22T19:43:52","date_gmt":"2024-09-22T19:43:52","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/09\/22\/bull-steepening-since-fomc-meeting\/"},"modified":"2025-06-25T17:11:11","modified_gmt":"2025-06-25T17:11:11","slug":"bull-steepening-since-fomc-meeting","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/09\/22\/bull-steepening-since-fomc-meeting\/","title":{"rendered":"Bull Steepening since FOMC Meeting"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-53847\">\n\t\t\t\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>Here\u2019s the cumulative change since 6\/3\/2024:<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1.png\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-53849\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1.png\" alt=\"\" width=\"1036\" height=\"1195\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1.png 1036w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1-260x300.png 260w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1-888x1024.png 888w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1-768x886.png 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/bearsteepening_now3-1-624x720.png 624w\" sizes=\"(max-width: 1036px) 100vw, 1036px\"\/><\/a><\/p>\n<p><em><strong>Figure 1:<\/strong>\u00a0Change since June 1, 2024 in 10yr-2yr term spread (bold black), contribution to change from 10 year yield (blue bars), from 2 year yield (tan), all in percentage points. Source: Treasury via FRED, and author\u2019s calculations.<\/em><\/p>\n<p>What does this mean? Who knows (as recounted in this <a href=\"https:\/\/www.ft.com\/content\/e73831d9-1fdc-407d-ba34-fe46f4db2564\">FT article<\/a>). Not sure too much can be inferred, as <a href=\"https:\/\/econbrowser.com\/archives\/2024\/09\/mackintosh-wsj-a-recession-signal-is-flashing-red-or-is-it\">I conclude from looking at previous instances of bear- and bull- steepening<\/a>.<\/p>\n<p>Here\u2019s another depiction of what\u2019s happened to spreads, along the entire spectrum.<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/treasuryyieldcurves_2024.png\"><img decoding=\"async\" class=\"alignnone size-full wp-image-53852\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/treasuryyieldcurves_2024.png\" alt=\"\" width=\"752\" height=\"632\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/treasuryyieldcurves_2024.png 752w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/treasuryyieldcurves_2024-300x252.png 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/treasuryyieldcurves_2024-624x524.png 624w\" sizes=\"(max-width: 752px) 100vw, 752px\"\/><\/a><\/p>\n<p><em><strong>Source:<\/strong> <a href=\"https:\/\/home.treasury.gov\/resource-center\/data-chart-center\/interest-rates\/TextView?type=daily_treasury_yield_curve&amp;field_tdr_date_value=2024\">US Treasury.<\/a><\/em><\/p>\n<p>By the way, here\u2019s another <a href=\"https:\/\/www.ft.com\/content\/9ff782a4-f96f-4f7e-ae8a-ede815a2f24e\">FT article<\/a> on the length of the inversion\u2026<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2024\/09\/bull-steepening-since-fomc-meeting\" title=\"11:33 am\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2024-09-22T11:33:46-07:00\">September 22, 2024<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->\n\t<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2024\/09\/bull-steepening-since-fomc-meeting\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Here\u2019s the cumulative change since 6\/3\/2024: Figure 1:\u00a0Change since June 1, 2024 in 10yr-2yr term spread (bold black), contribution to change from 10 year<\/p>\n","protected":false},"author":1,"featured_media":260487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/260486"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=260486"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/260486\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/260487"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=260486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=260486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=260486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}