The spread between three-month bills and 10-year notes last turned negative in August 2007, just as the financial crisis was deepening, so the precedent is obviously worrying. The spread also turned negative in September 1998, Dario Perkins, managing director for global macro at TS Lombard, says in a research note. But thereafter, the stock market went on to party like it was 1999 until the 2000 peak.
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