Bear Steepener
Bear Steepener — Curve steepens as long rates rise more than short.
Definition
Bear Steepener refers to curve steepens as long rates rise more than short. Keep that definition fixed when comparing series, managers, or regimes — renaming the same tape does not create a new signal.
Why it matters
Policy-sensitive rates set the discount factor for almost every other asset class. When curve steepens as long rates rise more than short shifts, related hedges, limits, and narratives usually need an explicit update rather than a quiet assumption.
Case
Suppose a desk is positioned for the opposite of what bear steepener is saying. If curve steepens as long rates rise more than short moves against that book, the first question is not “is the story clever?” but whether size, hedges, and stop logic still match the observation.
How to read it
Read spot, forwards, and real vs nominal together — one leg alone invents a story. Prefer a short written null hypothesis for Bear Steepener: what would falsify the current reading in the next window?