The spread between two-year and 10-year treasury yields is currently around 130 basis points (or 1.3 percentage points), down from 400 basis points in early 2011.

The people most eagerly anticipating a return to a steeper yield curve are bankers, because this boosts the margin between what they pay to borrow money via deposits and what they can charge on longer-term loans. Banks are already among the biggest winners following Trump’s victory, given his promises for lighter regulation. A steeper yield curve would be the icing on the cake.

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.