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Swap Spreads
Hello,Why is the 1Y swap spread much more volatile (historically, using end of day data) than the others (2Y, 5Y and 10Y)?I know that it is obtained using the 1Y CMT rate but this rate is not particularly volatile compared to benchmark bond yields.Also the 30Y spread is very volatile, while its components (30y benchmark bond yield and 30y swap rate) are much less volatile to their equivalent in 2Y, 5Y and 10Y.Any comments welcomed,Thanks,