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Relationships 5s30s curve and 5s30s Swap Spread curve in USD

April 22nd, 2020, 1:14 pm

It is generally observed (maybe not so last month) that 5y-30y Swap Spread curve flattens when the 5s30s curve steepen in USD. 

That relationship has held true over the recent past, outside of episodes of strong receiving of swaps in the long end.

Is there a fundamental explanation for that relationships between 5s30s curve and 5s30s swap spread curve in USD ?