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The Fed was hoping to steepen the yield curve with its 25 basis point (quarter-point) rate cut. Instead, inversions strengthened dramatically.

Inversions Strengthen

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What Happened?

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  1. Bond Yields Crash On ISM Report, More China Tariffs
  2. Global Manufacturing Recession Started, Trump Makes Matters
  3. Another Undeclared War: Trump Threatens Full Naval Blockade of Venezuela

More Rate Cuts Coming

Trump wants more rate cuts.

He will get them, along with a recession.

Mike "Mish" Shedlock