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What yield curves are telling us

What yield curves are telling us

The US Treasury yield curve flattened considerably last year, reducing the spread between ten-year and two-year US Treasury yields to less than 60 basis points. When Alan Greenspan first referred to a bond market “conundrum” in 2005, the spread was around 80 basis points. In the euro area, by contrast, the term spread remained broadly unchanged last year.[…]