John Authers, Columnist

Cheering the Yield Curve? Not So Fast

It could imply we’re on the cusp of recession. But the right jobs report Friday might turn around the latest market slide.

September 5, 2024 at 4:00 AM UTC

By John Authers

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Markets hope payrolls data line up. Above: Commuters at a ferry in San Francisco. — Markets hope payrolls data line up. Above: Commuters at a ferry in San Francisco.
Photographer: David Paul Morris/Bloomberg

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The moment many in the bond market had long awaited has finally come. The 10-year Treasury yield is ever so slightly higher than the two-year yield once more, so the infamous yield curve is no longer inverted. That ends 26 months of inversion: