Yield-curve steepening is a change in the curve’s slope that makes differences between longer- and shorter-maturity yields more pronounced. Steepening describes a change in slope, not a universal direction for every yield; short and long rates can move in different ways while the curve steepens.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Yield-curve steepening is a change in the curve’s slope that makes differences between longer- and shorter-maturity yields more pronounced.
Key details
Canonical Formyield curve steepening
Core MeaningYield-curve steepening is a change in the curve’s slope that makes differences between longer- and shorter-maturity yields more pronounced.
Further guidance
History Boundary
Current authoritative financial meaning is published without claiming an exact inventor, coinage date, or absolute first use.
Meaning
Yield-curve steepening is a change in the curve’s slope that makes differences between longer- and shorter-maturity yields more pronounced.
Usage Boundary
Steepening describes a change in slope, not a universal direction for every yield; short and long rates can move in different ways while the curve steepens.
Sources and evidence
Sources are shown with the role they play in this guide. Historical or style-sensitive claims are kept within the evidence boundary described above.
A yield curve, or term structure, describes the relationship between debt securities’ remaining time to maturity and their yields. A yield curve describes yields across maturities; it is broader than a single two-maturity spread and should not be reduced to one term-spread number.
Yield-curve flattening is a change in the curve’s slope that narrows differences between longer- and shorter-maturity yields. Flattening describes a reduction in slope and is not identical to inversion; a curve can flatten while longer-maturity yields remain above shorter-maturity yields.
An inverted yield curve is a yield-curve configuration in which longer-maturity Treasury yields are below shorter-maturity yields. Yield-curve inversion describes the ordering or slope of yields across maturities; it is not, by itself, a universal guarantee of a recession or a substitute for specifying which maturities and curve are being compared.
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