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And don't miss Stephen Gandel on what a flattening tells equity investors: "The current flattening of the yield curve has come as something of a surprise. Most people thought it would widen this year. Last week, the monthly jobs report showed that unemployment hit a new low. And stock investors certainly don't anticipate a recession. The average stock in the S&P 500 Index trades at a price-to-earnings ratio of 19.5 based on this year's expected earnings. That's higher than average, suggesting that investors are relatively certain corporate profits will grow, not plunge in a recession.
Nonetheless, the disconnect between the outlook for the stock and bond markets is worrying."
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