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On March 22nd of this year, financial news outlets reported the first yield curve inversion since 2007 (see chart below). A yield curve represents interest rates, at a point in time, across treasury securities of varying maturities. A normal curve slopes consistently upward (higher interest rate) as the maturity of the security is longer. An inversion occurs when a shorter-term security has a higher interest rate than a longer term one - the curve slopes downward. The recent inversion came courtesy of the spread between 3-month TBills and 10-year TNotes (3M/10Y). Interest