Just another look at the indicator that is going to decide deflationary (current), inflationary (not yet) and which asset markets get destroyed or out/under perform in 2020. The yield curve inversion got the hype last summer, but it always has been the oncoming steepener that would be important and bring the readily apparent changes.
It continues to tick steeper this morning (source: CNBC).
Here is the big picture view showing what happened at the previous instances of potential steepeners (with all due considerations for time lags and volatility) as well as the chaotic shit show that began in 1980. Dorothy, we are not in Kansas anymore.
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