The 10-year/3-month Treasury yield curve inverted again on Thursday, but investors may have missed it because it lasted for only minutes. It's the second time this year the yield curve has inverted, which is an accurate recession indicator cited by the Fed.

Be smart: Investors and market analysts have largely written off the inversion as the product of central bank manipulation or a market aberration, and the S&P 500 had rallied 3% since the curve inverted on March 22 to the end of last week, before Trump's Sunday night tariff tweets erased almost all of those gains.

Driving the news: The yield curve has been compressing all week as prospects for a trade agreement between the U.S. and China have diminished.

  • Economists note that the ominous yield curve inversions that have historically accompanied recessions typically last longer than a matter of minutes or days. The curve was inverted in March for only about a week.

History: Ahead of the financial crisis the yield curve inverted in late 2005, 2006 and again in 2007 before the stock market collapsed in 2008.

Go deeper: Will the yield curve lead to recession? It really is different this time

Go deeper

Trump signs 4 executive actions on coronavirus aid

President Trump speaking during a press conference on Aug. 8. Photo: Jim Watson/AFP via Getty Images

President Trump on Saturday signed four executive actions to provide relief from economic damage sustained during the coronavirus pandemic after talks between the White House and Democratic leadership collapsed Friday afternoon.

Why it matters: Because the Constitution gives Congress the power to appropriate federal spending, Trump has limited authority to act unilaterally — and risks a legal challenge if congressional Democrats believe he has overstepped.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 19,451,097 — Total deaths: 722,835 — Total recoveries — 11,788,665Map.
  2. U.S.: Total confirmed cases as of 2. p.m. ET: 4,968,413 — Total deaths: 161,858 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  4. Science: Indoor air is the next coronavirus frontline.
  5. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
4 hours ago - World

What's next for Lebanon after the Beirut explosion

Photo: Houssam Shbaro/Anadolu Agency via Getty Images

Beirut residents are still clearing rubble from streets that appear war-torn, days after a blast that shocked the country and horrified the world.

Why it matters: The explosion is likely to accelerate a painful cycle Lebanon was already living through — discontent, economic distress, and emigration.