The 2-10 yields spread breaches the April low

And the spread is at its narrowest since 2007, with the trend inching towards an inverted yield curve. I've mentioned several times before, this is not a "be-all, end-all" indicator of a recession - but it is one of those possibly self-fulfilling ones if and when the time comes.

The inflation figures yesterday failed to do anything for longer-dated yields but short-term yields continue to rise in anticipation that the Fed will be undeterred in its path to raise rates in the June meeting and for the rest of the year.

No doubt the Fed will be watching this closely moving forward. And if more rate hikes push the curve flatter towards inversion, expect this to be a hotly contested topic of debate in due time.