The Treasury yield curve inverted Friday for the first time since the last crisis, triggering the first reliable market signal of an impending recession and rate-cutting cycle.
The gap between the three-month and 10-year yields vanished as a surge of buying pushed the latter to a 14-month low of 2.416 percent. Inversion is considered a reliable harbinger of recession in the U.S. within roughly the next 18 months.
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