In terms of predicting significant market corrections, consider it to be 100%.
As Elmer Fudd would say, "be vewy, vewy careful" ...
The problem is: it doesn't say exactly when, and it probably means more when the yield is higher (otherwise it doesn't pay to exchange stocks for treasuries).
At this time the curve is inverted all the way up to the 5Y treasuries, but the yields are only a little greater than 2.3%.
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