The U.S. Treasury yield curve, depicted by maturities on a horizontal axis and corresponding interest rates (yields) on a vertical axis, is normally upward sloping, with yields on bonds (10-year maturity and beyond) and notes (intermediate term) lying above yields on bills (short term). Infrequently – but importantly, for economic and investment forecasting – the yield curve becomes inverted, with long-term bond yields lying below short-term bill yields.[…]