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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 />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />US Treasury Yield Curve <br />Apr-23 <br />Jan-23 <br />Apr-22Yield (%)Bond Yields <br />At the end of April,the 2-year Treasury yield was 129 basis points higher,and the 10-Year Treasury yield was about 49 basis points higher,year- <br />over-year.The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -58 basis points at April month-end versus - <br />56 basis points at March month-end.The average historical spread (since 2003)is about +130 basis points.The inversion between 3-month and <br />10-year Treasuries widened to -163 basis points in April from -128 in March.The shape of the yield curve indicates that the probability of <br />recession is increasing. <br />12