The bond market is experiencing significant steepening activity, particularly in the 2s/10s and 2s/5s segments. The 2s/10s curve has steepened by 9 basis points, reaching its highest level since June 2022. Market participants are shifting strategies, with some traders now favoring 2-year bonds over 5-year bonds for steepener trades. The 2s/5s segment is the steepest since late 2022. Additionally, there has been notable activity in the 5s/Ultra-10s blocks, indicating a focus on curve trades. The SFR3Z5Z7 is also seeing the next leg of curve steepening.