Bad omen: what the yield curve says about stocks

The inversion of the US yield curve strengthens the bear case for the economy and stock markets.

Yields on benchmark 10-year Treasury bonds have this month fallen below those on 2-year paper for the first time since 2008. That follows an inversion of another part of the curve earlier in the year. The trend isn’t limited to the US either – UK and Swiss curves are also inverted, while Japan is a whisker away

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