contingent yield curve steepening

CAIA
#1

I am battling to understand this global macro strategy, could someone kindly explain this to me in layman terms?

#2

I would also like to see if somebody can explain this in layman’s term. Thanks.

#3

From Schweser: The term contingent yield curve steepening refers to a strategy that can result in large profits if the yield curve steepens as managers expect, but is executed in such a way that losses are limited if markets do not move the way managers expect.

#4

Then why buying 10 year out of money puts and selling out of money 2 year puts make money?