That was a signal that we were headed toward distress.
I think the yield has worried investors. Some investors believe that it's a signal that a recession lies ahead. I believe that is a faulty interpretation.
If there are lots of other signals of appending recession, take it seriously. But don't hang your hat on the yield curve.
There will be some early applause from Wall Street, but it will be subdued because there is a long road ahead. It does not signal the end of terrorist attacks both around the world and in the United States.
Does this signal a policy change in Washington?