US Treasury Bond (USH) Puts vs. short US 5-Year (FVH) Puts
Trade Idea:
USH 155 Puts (-22.8 Delta) versus a vega weighted sale of FVH 118.25 Puts (25.3 % delta) with 39.7 days to expiry.
If you expect US Treasury Bonds to continue to underperform the shorter end of the curve (US CPI numbers tomorrow as well), maybe look to buy USH 155 Puts (-22.8 Delta) versus a vega weighted sale of FVH 118.25 Puts (25.3 % delta). The switch should come for a small credit, assuming a current vega weighting of 4.5 times.

Alternatives
The 2% support level in US 10-Years (TYH) can be used to create a similar trade, maybe check out the USH 155 Puts(-22.8 Delta) vs TYH 128 Puts (23.6% Delta), it should trade around flat. Low volatility in US 2-Years makes them unattractive currently as a sale currently. The skew in USH also looks pretty useful for Risk Reversal structures.
Just remember, this is a trade idea only and not investment advice. Do your own research and consider your risk tolerance. Know your risk.
Disclosure: We may have trading positions in the same or highly correlated trading structures.