Barclays notes:
Recent Fedspeak suggests that the Fed is eager to begin the hiking cycle this year, provided the economy continues to improve. Given the recent strengthening of the USD, the onus on data to surprise to the upside over the next few weeks is high.
The long end is better priced for normalization, but the front end is vulnerable to upside data surprises. We recommend conditional 5s30s bear-flatteners and shorting beta-weighted 5s10s30s Treasury fly to position for continued outperformance of the long end.