One thing I've learned in this business is to always pay attention to the messages the bond market is conveying.
Each time we've observed the current level of rate cuts reflected in bond prices, a recession has followed.
The steepening yield curve also points to a likely… pic.twitter.com/Yj6b6MHx6v
— Otavio (Tavi) Costa (@TaviCosta) August 10, 2024