Treasuries Continue To Invert

Investors Are Betting On A Longer Deeper Recession

While the yield on 10-Year Treasury Bonds continues to climb, not only is it not surpassing the yield on 2-Year Treasuries, but even the 5-Year Treasuries are posting higher yields.

At the same time, 1-Year Treasuries are not far behind the 10-Year yield, although the 10-Year yield has widened the gap so far this morning.

For the moment, the 30-Year yield is holding up against the 2-Year and the 5-Year, although the margin is thin and may get thinner by day's end.

It is worth noting that the 5-Year yield remains above the 2-Year yield, while the 1-Year yield is the lowest (as it notionally should be).

However, yields are up across the entire yield curve. Investors are becoming increasingly cynical about the near-term, and the cynicism is extending farther into the future.

The current recession is not only getting deeper, but investors are betting that it is getting longer as well.