{"slug":"what-is-the-5s30s-spread","qid":"long_end","label":"long_end","post_title":"what-is-the-5s30s-spread","post_url":"/blog/what-is-the-5s30s-spread#q-long_end","columns":["episode","five_year_delta_bps","thirty_year_delta_bps","spread_delta_bps"],"rows":[{"episode":"Jan 26, 2000 to Sep 15, 2000","five_year_delta_bps":-69,"thirty_year_delta_bps":-70,"spread_delta_bps":-1},{"episode":"Sep 19, 2000 to Sep 26, 2000","five_year_delta_bps":-3,"thirty_year_delta_bps":-6,"spread_delta_bps":-3},{"episode":"Oct 26, 2000 to Nov 1, 2000","five_year_delta_bps":4,"thirty_year_delta_bps":4,"spread_delta_bps":0},{"episode":"Feb 9, 2006 to Mar 13, 2006","five_year_delta_bps":23,"thirty_year_delta_bps":26,"spread_delta_bps":3},{"episode":"Apr 1, 2022 to Apr 7, 2022","five_year_delta_bps":15,"thirty_year_delta_bps":25,"spread_delta_bps":10},{"episode":"Sep 13, 2022 to Oct 21, 2022","five_year_delta_bps":76,"thirty_year_delta_bps":82,"spread_delta_bps":6},{"episode":"Oct 28, 2022 to Nov 8, 2022","five_year_delta_bps":12,"thirty_year_delta_bps":13,"spread_delta_bps":1},{"episode":"Nov 17, 2022 to Dec 27, 2022","five_year_delta_bps":1,"thirty_year_delta_bps":4,"spread_delta_bps":3},{"episode":"Dec 29, 2022 to Jan 6, 2023","five_year_delta_bps":-25,"thirty_year_delta_bps":-25,"spread_delta_bps":0},{"episode":"Feb 3, 2023 to Mar 10, 2023","five_year_delta_bps":29,"thirty_year_delta_bps":7,"spread_delta_bps":-22},{"episode":"Jun 9, 2023 to Aug 2, 2023","five_year_delta_bps":32,"thirty_year_delta_bps":28,"spread_delta_bps":-4},{"episode":"Aug 11, 2023 to Aug 17, 2023","five_year_delta_bps":11,"thirty_year_delta_bps":14,"spread_delta_bps":3},{"episode":"Aug 21, 2023 to Aug 31, 2023","five_year_delta_bps":-23,"thirty_year_delta_bps":-25,"spread_delta_bps":-2},{"episode":"Sep 6, 2023 to Sep 22, 2023","five_year_delta_bps":13,"thirty_year_delta_bps":16,"spread_delta_bps":3}],"shape":"ranking","sql":"WITH daily AS\n(\n    SELECT\n        date,\n        toFloat64(yield_5_year)                            AS five_year,\n        toFloat64(yield_30_year)                           AS thirty_year,\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        five_year,\n        thirty_year,\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    concat(formatDateTime(min(date), '%b %e, %Y'), ' to ', formatDateTime(max(date), '%b %e, %Y')) AS episode,\n    round((argMax(five_year, date)   - argMin(five_year, date))   * 100, 0) AS five_year_delta_bps,\n    round((argMax(thirty_year, date) - argMin(thirty_year, date)) * 100, 0) AS thirty_year_delta_bps,\n    round((argMax(spread, date)      - argMin(spread, date))      * 100, 0) AS spread_delta_bps\nFROM islands\nWHERE spread < 0\nGROUP BY island\nHAVING count() >= 5\nORDER BY min(date)","computed_at":"2026-09-28T15:10:34.977368+00:00","elapsed":0.397074451}