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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 />Dec-23 <br />Sep-23 <br />Dec-22Yield (%)At the end of December,the 2-year Treasury yield was 18 basis points lower,and the 10-Year Treasury yield was flat,year-over-year.The <br />inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at December month-end versus -35 <br />basis points at November month-end. The average historical spread (since 2003)is about +130 basis points. The inversion between 3- <br />month and 10-year Treasuries widened to -146 basis points in December from -107 basis points in November.The shape of the yield <br />curve indicates that the probability of recession persists. <br />11