This yield spread is more than 5 bps flatter on the day and below 150 basis points for the first time since January '09.
It is lower by more than 16 bps from Aug 13. I think the long end will hold up well and the 5-year will find some support eventually. This spread is still expected to reach to 120 bps or lower by Q1 '15. This does not seem as 'outside the box' as when I first advised some many months ago. have a great weekend and thanks for the support.