A key part of the U.S. yield curve inverted even further Wednesday morning, exacerbating fears of an impending recession.
The yield on the benchmark 2-year Treasury note, more sensitive to changes inpolicy, fell to 1.5180% Wednesday morning, 6 basis points above the 10-year note's rate.
The move comes less than 24 hours after the spread between the 10-year Treasury yield and the 2-year rate fell to negative 5 basis points, itsA 10-year rate below the 2-year yield is viewed by fixed income traders as an important recession prognosticator, marking an unusual phenomenon as bondholders receive better compensation in the short term.The U.S. Treasury is set to auction $41 billion in 5-year notes and $18 billion in 1-year and 11-month floating rate notes .
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