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The bond market is giving ominous warnings about the global economy

The fall in longer-term bond yields has not been matched by a fall in shorter-term rates — meaning you actually can earn more on your money tying it up for a month risk-free than you can tying it up for a full decade. This is not normal. It is called an inverted yield curve, and historically it has been viewed as a sign of a recession in the offing.

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