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FRED Percent 2.0 1.5 10 1.0 0.5 0.0 -0.5 -1.0 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity -1.5 2019-07 2020-01 2020-07 Shaded

FRED Percent 2.0 1.5 10 1.0 0.5 0.0 -0.5 -1.0 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity -1.5 2019-07 2020-01 2020-07 Shaded areas indicate U.S. recessions. 1990 2021-01 2021-07 2000 2022-01 2022-07 Source: Federal Reserve Bank of St. Louis 2023-01 2023-07 2010 2024-01 2020 fred.stlouisfed.org

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