This is a 1-year forward, 2y - 5y steepener trade.
How is this executed? Are actual Treasury bonds involved or are these just forward contracts between two parties?
Is the trade expressing the fact that 2y - 5y curve is flat looking 1 year forward? How can one express a view on the curve 1 year forward, 2 year forward, 3 year forward, etc...It seems like the further you go out in forward space, the more uncertainty you have.