On Friday, the Treasury yield curve inverted for the first time since the last financial crisis, triggering the first reliable market signal of an impending recession and rate-cutting cycle.

The gap between the 3-month and 10-year yields vanished as a surge of buying pushed the latter to a 14-month low of 2.416 percent. Inversion is considered a reliable harbinger of recession in the United States, within roughly the next 18 months.

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