(Bloomberg) -- A key part of the Treasuries yield curve touched the highest level in more than five years, moving past yet another historic level on signs of strength in the reflation trade.

The latest move pushed the gap between 5- and 30-year yields to as much as 157.45 basis points, the widest since October 2014.

The curve has been steepening since July, picking up momentum early this year on prospects for pandemic-relief spending, rising inflation expectations, and a higher real yield that strips out price gains to reflect a pure read on growth prospects. Oil’s recent climb has also fed into the underperformance of long-term debt.

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