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Source: Bloomberg Source: Bloomberg <br />0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />4.0% <br />4.5% <br />5.0% <br />US Treasury Note Yields <br /> 2-Year <br /> 5-Year <br /> 10-Year <br />Yield (%)0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />4.0% <br />4.5% <br />5.0% <br />US Treasury Yield Curve <br />Oct-22 <br />Jul-22 <br />Oct-21Yield (%)Bond Yields <br />At the end of October,the 2-year Treasury yield was 399 basis points higher,and the 10-Year Treasury yield was about 250 basis points higher, <br />year-over-year.The spread between the 2-year Treasury yield and 10-year Treasury yield remained inverted at -44 basis points at October <br />month-end versus -45 basis points at September month-end.The average historical spread (since 2003)is about 130 basis points.The spread <br />between 3-month and 10-year treasuries inverted by -2 basis points in October compared to a positive 56-basis point spread in September. <br />The shape of the yield curve indicates that the probability of recession is increasing. <br />12