The present inverted yield curve is e-x-t-r-e-m-e-l-y important. With the exception of ONE TIME (Russia, 1998?) an inverted yield curve signaled a recession within 6 months. And, everytime (except that Russian meltdown), a serious one to two year recession followed.
I have stated emphatically that I will not get the "nervous jitters" until I see the yield curve invert.
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