(Reuters Breakingviews) - A U.S. recession warning from financial markets has Do...
U.S. President Donald Trump stands at the top of the boarding steps for Air Force One as he arrives for travel to a nearby petrochemical plant after landing at Pittsburgh International Airport in Pittsburgh, Pennsylvania, U.S. August 13, 2019. REUTERS/Jonathan Ernst
The U.S. economy started the year with a good head of steam. Growth hit a three-year high of 2.9% in 2018, corporate coffers were swelling from the tax cuts the president signed into law a year earlier, and unemployment stood at the lowest level in nearly a half century. Sluggish growth overseas and a negative market reaction to the Federal Reserve’s December rate hike suggested some fragility, but virtually nobody was predicting a recession before 2021.
As a result the yield on the Treasury’s benchmark 10-year note has since early May fallen by nearly a percentage point, to 1.59% Wednesday afternoon. Earlier in the day it briefly traded below the return on the Treasury’s 2-year note, something investors haven’t seen since June 2007. That spooked equity markets, with the S&P 500 Index down nearly 3% in early afternoon trading.
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