Another interesting one - oil breaking the correlation with 10YR , trade bets on the convergence of the spread but offers as well protection against geo political turmoil (oil up , 10 year a safe heaven) and exposure to a market pivot thesis as the long term narrative should adjust faster than the short term (oil). Inflation narratives that can be perceived a risk for long term growth can further open the spread which is the risk to this trade. Correlated with a long equity position -