{"slug":"what-is-the-3m10y-spread","qid":"episodes_compared","label":"episodes_compared","post_title":"what-is-the-3m10y-spread","post_url":"/blog/what-is-the-3m10y-spread#q-episodes_compared","columns":["label","days_2s10s_inverted","days_3m10y_inverted","deepest_2s10s_bps","deepest_3m10y_bps","first_2s10s_inversion","first_3m10y_inversion","last_2s10s_inversion","last_3m10y_inversion"],"rows":[{"label":"2006-07","days_2s10s_inverted":235,"days_3m10y_inverted":243,"deepest_2s10s_bps":-19,"deepest_3m10y_bps":-64,"first_2s10s_inversion":"Jan 31, 2006","first_3m10y_inversion":"Jan 17, 2006","last_2s10s_inversion":"Jun 5, 2007","last_3m10y_inversion":"Aug 27, 2007"},{"label":"2019","days_2s10s_inverted":3,"days_3m10y_inverted":104,"deepest_2s10s_bps":-4,"deepest_3m10y_bps":-52,"first_2s10s_inversion":"Aug 27, 2019","first_3m10y_inversion":"Mar 22, 2019","last_2s10s_inversion":"Aug 29, 2019","last_3m10y_inversion":"Oct 10, 2019"},{"label":"2022-24","days_2s10s_inverted":541,"days_3m10y_inverted":535,"deepest_2s10s_bps":-108,"deepest_3m10y_bps":-189,"first_2s10s_inversion":"Apr 1, 2022","first_3m10y_inversion":"Oct 18, 2022","last_2s10s_inversion":"Sep 5, 2024","last_3m10y_inversion":"Dec 12, 2024"}],"shape":"table","sql":"SELECT\n    label,\n    countIf(spread_2s10s_bps < 0)                                   AS days_2s10s_inverted,\n    countIf(spread_3m10y_bps < 0)                                   AS days_3m10y_inverted,\n    toInt32(round(min(spread_2s10s_bps)))                           AS deepest_2s10s_bps,\n    toInt32(round(min(spread_3m10y_bps)))                           AS deepest_3m10y_bps,\n    if(countIf(spread_2s10s_bps < 0) > 0,\n       formatDateTime(minIf(date, spread_2s10s_bps < 0), '%b %e, %Y'), 'never') AS first_2s10s_inversion,\n    if(countIf(spread_3m10y_bps < 0) > 0,\n       formatDateTime(minIf(date, spread_3m10y_bps < 0), '%b %e, %Y'), 'never') AS first_3m10y_inversion,\n    if(countIf(spread_2s10s_bps < 0) > 0,\n       formatDateTime(maxIf(date, spread_2s10s_bps < 0), '%b %e, %Y'), 'never') AS last_2s10s_inversion,\n    if(countIf(spread_3m10y_bps < 0) > 0,\n       formatDateTime(maxIf(date, spread_3m10y_bps < 0), '%b %e, %Y'), 'never') AS last_3m10y_inversion\nFROM\n(\n    SELECT\n        date,\n        multiIf(date BETWEEN toDate('2006-01-01') AND toDate('2007-12-31'), '2006-07',\n                date BETWEEN toDate('2019-01-01') AND toDate('2019-12-31'), '2019',\n                date BETWEEN toDate('2022-01-01') AND toDate('2024-12-31'), '2022-24',\n                'other')                                                        AS label,\n        (toFloat64(yield_10_year) - toFloat64(yield_2_year)) * 100              AS spread_2s10s_bps,\n        (toFloat64(yield_10_year) - toFloat64(yield_3_month)) * 100             AS spread_3m10y_bps\n    FROM global_markets.treasury_yields\n    WHERE date >= toDate('2006-01-01')\n      AND date <  toDate('2025-01-01')\n      AND yield_3_month > 0\n      AND yield_2_year > 0\n      AND yield_10_year > 0\n)\nWHERE label != 'other'\nGROUP BY label\nORDER BY label","computed_at":"2026-09-17T15:51:58.349423+00:00","elapsed":0.005275912}