A macro fixed income trade that profits from the yield curve steepening: long-term rates rising faster than short-term rates (bear steepener), or short-term rates falling faster than long-term rates (bull steepener). Expressed via ETFs as: long TLT (20-year Treasury) and short SHY (1-3 year Treasury), or via futures as long 30-year bond futures and short 2-year note futures. The trade typically performs when the Fed approaches peak rates and markets begin pricing in eventual cuts.