Prior to the last two stock market collapses the yield curve inverted: short term rates were higher than longer term ones.
It's happening again.
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| The yield curve inversion at the same point before the the 2008-2009 Financial Crisis is more extreme, at a much lower level of interest rates |
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| The current yield curve spread between the 3-month and 10-year yields has jumped around a lot but the trend has been clear: steeper and steeper inversion. |
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| The progression of the spread at the moment seems much more rapid than last time |
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| The two spread curves are looking more-and-more similar except at the very long end |