If as I expect, the economy goes into recession on normal metrics, the yield curve will flatten all the way to flat or inverted, the trade to do is a flattener over 2s and 10s or 2s and 5s. The trade in the 2s and 10s shows more mileage but the really interesting trade is at longer maturities. This benefits from Operation Twist. If the Fed is going to get behind my trade, so be it.
