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In addition to the inversion between the 5- and 3-year yields. Today also sported a smaller inversion between the 5- and 2-year yields.

Thanks to reader Schaap60 for the accurate spot.

5-Year to 2-Year Inversion

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For further discussion, please see First Inversion in Seven Years: Can a Recession be Far Off?

I repeat my assessment:

  • The classic recession signal that most follow is a 2-10 inversion. I doubt we see a 2-10 inversion before recession hits.
  • My call: There will not be the warning nearly everyone is waiting for.

Mike "Mish" Shedlock