> I think that means the negative difference between 10y and 3 mo would be decreased by the fed not reinventing in long term securities. When the value of the

> I think that means the negative difference between 10y and 3 mo would be decreased by the fed not reinventing in long term securities. When the value of the spread between a long dated (e.g. 10Y) and a short dated (e.g. 3m) instrument increases, the yield curve is referred to as 'steepening'. When this spread decreases (even when becoming more negative), the curve is said to 'flatten'.