![\"\"](\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/Capture-decran-2023-10-20-120611-300x127.jpg\")
<\/p>\nMonetary tightening by the Federal Reserve since the start of 2022 has prompted a sharp rise in short-term rates and a slower rise in long-term rates. This caused the yield curve to flatten and then invert, with the front end higher than the back end.<\/p>\n
Since September 2023, while long-term rates have continued to move upwards, short-term rates have remained broadly stable. The result is a less steeply inverted yield curve as the 10-year Treasury yield rises against its 2-year equivalent. In the past, this situation has been a leading indicator of recession, as illustrated by our graph below.<\/p>\n
<\/p>\n
Monetary tightening by the Federal Reserve since the start of 2022 has prompted a sharp rise in short-term rates and a slower rise in long-term rates. This caused the yield curve to flatten and then invert, with the front end higher than the back end.<\/p>\n
Since September 2023, while long-term rates have continued to move upwards, short-term rates have remained broadly stable. The result is a less steeply inverted yield curve as the 10-year Treasury yield rises against its 2-year equivalent. In the past, this situation has been a leading indicator of recession, as illustrated by our graph below.<\/p>\n
***<\/p>\n
Written on October 20, 2023. This is not an investment advice. Opinions subject to change.<\/p>\n
See also: https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-tougher-credit-standards-for-small-businesses\/<\/p>\n
***<\/p>\n
This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"
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