tells us that God is brought to laughter by the conspiracies and plots of nations and kings to cast asunder the divine order, which they see as burdensome bonds and cords. This is nicely summed up in a timed-honored Yiddish saying:selloff in Treasuries and rise in yields
The yield on shorter-term debt climbed as well but not at anywhere near the pace of the long end of the curve. Two-year Treasury yields rose from 5.12 on September 20 to 5.15 on October 3.. The yield curve is still inverted, of course, but much less so than it had been when the Fed concluded its last meeting. In a matter of just a few weeks, the yield curve’s inversion contracted by 43 basis points. That’s a steepening of 55 percent.
. Perhaps that is what is happening now. The economy defied expectations of a recession in the first half of the year and grew 2.1 percent. It is now growing even faster, even if the Atlanta Fed’s GDPNow estimate of 5.1 percent probably overstates things by a point or two.an analyst who says it makes a difference that the steepening is occurring when the curve is already inverted.Jonas Goltermann
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