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US yield curve inversion raises growth concerns Coronavirus sparks bond market rally and triggers recession signal Share on Twitter (opens new window) Share on Facebook (opens new window) Share on Linkedin (opens new window) Save Colby Smith in New York JANUARY 31 2020 For the first time since October, the yield on three-month US Treasury bills jumped above that on the benchmark 10-year note. An inversion of this portion of the yield curve - which charts yields on debt of different maturities - has preceded every recession of the last half century. The US Treasury yield curve inverted on several occasions last year for the first time since the global financial crisis as trade tensions between the US and China frayed. The Federal Reserve responded to global growth concerns then by slashing US interest rates by a cumulative 75 basis points between July and October. Jay Powell, Fed chairman, said at a news conference on Wednesday that the central bank was "carefully monitoring" the outbreak and its impact on the economic outlook, adding that "there will clearly be implications at least in the near term for Chinese output"