all good things have to come to an end, but man o man. the banks are about to loose all resemblance of control. im a vix trader, so when i see the yield curve i instinctively see a commodity curve. when the front month risk is worth more than the back end risk ie gamma jamma. the perception to participants is to sell the front month buy the back month. in a normalized curve you'd want to buy the front end and sell the back end. the spread between would cause natural decay/ lower volatility. with the front end above the back end, risk is forwarded creating the likelihood of outsized moves. while in consolidation i say brace for an epic downside shift, but post downside shift sell outside call spreads or butterflies. right now, we're officially on borrowed time