Bear Flattener

"Bear Flattener" sounds like the name of a professional wrestler leaping into the ring wearing a bear mask, but it refers to activity in market yields. This happens when short-term interest rates are increasing at a faster rate than long-term interest rates. So...the short term investments are gaining faster than the long.

A Bull Flattener is just the opposite, with the long-term interest rates gaining faster than the short term. Usually these terms are used in reference to U.S. Treasury securities, but can measure any maturity rate security, from 3 to 30 years.