As swap and treasury rates are rallying, the negative 30 year swap spread is closing. Right now we are sitting at about -9bps. If we reach positive territory it will the first time since January 6th that the 30 year swap spread was positive. It’s rather nice that as rates are dropping and forcing insurance companies and pensions to go long swaps they receive a spread below treasuries, but when rates are rising and they need to sell swaps the spread turns positive. Way to get monkey hammered on both sides of the trade.