People make too much out of whether we're inverted or not. It's as if when we're positive by a couple of basis points, everything is OK, but if we're negative by a basis point, somehow the laws of nature have been violated. The reality of it is the curve is just flat.
The spread curve is compressed enough -- you're talking about five basis points difference in the overall spread between two-year and seven-, eight or nine-year agencies, and a very flat Treasury curve, there's no reason to extend out for rates or spreads.