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Forwards are flatter in a hiking cycle because market is pricing in expectations of the Fed raising rates. Steeper trades would be carry positive correct?

Forwards are steeper in a hiking cycle because market is pricing in expectations of the Fed easing rates. Flattener trades would be carry negative correct?

Same thing for swaps?

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    $\begingroup$ Take a look at these answers quant.stackexchange.com/questions/35795/…, or quant.stackexchange.com/questions/36253/…. I would also strongly advise not falling into the trap of using the word 'carry' without necessarily knowing what it means or what scenario you are hypothesizing. $\endgroup$
    – Attack68
    Mar 18 '18 at 11:27
  • $\begingroup$ Yea you're right. There's pure carry (coupon less financing), total carry which includes pure carry and roll. $\endgroup$ Mar 18 '18 at 15:31

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