Yields on 10-year U.S. Treasury notes fell below 3-month Treasury bills on Friday for the first time since 2007, triggering a major recession indicator.
Yes, but: Market analysts have tripped over one another telling us not to worry. This time is different, they insist. And while strategists with high S&P 500 targets are notorious for balking at clear and longstanding recession indicators, they do have a point. Things are different now.