{"slug":"what-is-the-5s30s-spread","qid":"inversions","label":"inversions","post_title":"what-is-the-5s30s-spread","post_url":"/blog/what-is-the-5s30s-spread#q-inversions","columns":["started","ended","session_count","deepest_spread_bps","average_spread_bps"],"rows":[{"started":"Jan 26, 2000","ended":"Sep 15, 2000","session_count":163,"deepest_spread_bps":-61,"average_spread_bps":-40},{"started":"Sep 19, 2000","ended":"Sep 26, 2000","session_count":6,"deepest_spread_bps":-4,"average_spread_bps":-2},{"started":"Oct 26, 2000","ended":"Nov 1, 2000","session_count":5,"deepest_spread_bps":-7,"average_spread_bps":-4},{"started":"Feb 9, 2006","ended":"Mar 13, 2006","session_count":22,"deepest_spread_bps":-12,"average_spread_bps":-5},{"started":"Apr 1, 2022","ended":"Apr 7, 2022","session_count":5,"deepest_spread_bps":-12,"average_spread_bps":-8},{"started":"Sep 13, 2022","ended":"Oct 21, 2022","session_count":28,"deepest_spread_bps":-43,"average_spread_bps":-21},{"started":"Oct 28, 2022","ended":"Nov 8, 2022","session_count":8,"deepest_spread_bps":-18,"average_spread_bps":-9},{"started":"Nov 17, 2022","ended":"Dec 27, 2022","session_count":27,"deepest_spread_bps":-27,"average_spread_bps":-11},{"started":"Dec 29, 2022","ended":"Jan 6, 2023","session_count":6,"deepest_spread_bps":-12,"average_spread_bps":-5},{"started":"Feb 3, 2023","ended":"Mar 10, 2023","session_count":25,"deepest_spread_bps":-46,"average_spread_bps":-22},{"started":"Jun 9, 2023","ended":"Aug 2, 2023","session_count":37,"deepest_spread_bps":-36,"average_spread_bps":-16},{"started":"Aug 11, 2023","ended":"Aug 17, 2023","session_count":5,"deepest_spread_bps":-7,"average_spread_bps":-4},{"started":"Aug 21, 2023","ended":"Aug 31, 2023","session_count":9,"deepest_spread_bps":-14,"average_spread_bps":-7},{"started":"Sep 6, 2023","ended":"Sep 22, 2023","session_count":13,"deepest_spread_bps":-12,"average_spread_bps":-5}],"shape":"table","sql":"WITH daily AS\n(\n    SELECT\n        date,\n        toFloat64(yield_30_year) - toFloat64(yield_5_year) AS spread\n    FROM global_markets.treasury_yields\n    WHERE date >= subtractYears(today(), 30)\n      AND yield_5_year  > 0\n      AND yield_30_year > 0\n),\nislands AS\n(\n    SELECT\n        date,\n        spread,\n        row_number() OVER (ORDER BY date)\n            - row_number() OVER (PARTITION BY spread < 0 ORDER BY date) AS island\n    FROM daily\n)\nSELECT\n    formatDateTime(min(date), '%b %e, %Y') AS started,\n    formatDateTime(max(date), '%b %e, %Y') AS ended,\n    count()                                AS session_count,\n    round(min(spread) * 100, 0)            AS deepest_spread_bps,\n    round(avg(spread) * 100, 0)            AS average_spread_bps\nFROM islands\nWHERE spread < 0\nGROUP BY island\nHAVING session_count >= 5\nORDER BY min(date)","computed_at":"2026-09-28T15:10:34.485094+00:00","elapsed":0.352321498}