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Bond Yields <br />Source: Bloomberg Source: Bloomberg <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <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 />Oct-23 <br />Jul-23 <br />Oct-22Yield (%)At the end of October,the 2-year Treasury yield was 60 basis points higher, and the 10-Year Treasury yield was about 88 basis points <br />higher,year-over-year.The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -16 basis points at <br />October month-end versus -48 basis points at September month-end. The average historical spread (since 2003)is about +130 basis <br />points. The inversion between 3-month and 10-year Treasuries narrowed to -54 basis points in October from -88 basis points in <br />September. The shape of the yield curve indicates that the probability of recession persists. <br />12