"When the yield curve inverts, you have to play attention," he said. "But it inverted this time because the long end went below the short end," meaning long-term rates falling were more than cause of the cross than short-term rates rising.
"This time it inverted from the back end and I think that is different," he said, adding that long term yields were falling in their inverse relationship with bond prices because investors were piling into fixed-income for safety when stocks were really selling off earlier this month.around 3,000 for the rest of the year, which would be about a 20% gain for 2019. The S&P 500 closed Tuesday at 2,900.
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Think of it as a political insurance policy.