In 2012, an article in the Wall Street Journal contained the following observation: The fact that Spanish short-term yields are shooting higher than long-term yields is a particularly bad sign Why might this development in the market for Spanish government bonds indicate that investors feared that the Spanish econorty would enter a recession? Source: Matt Phillips, "Flatliners: Spanish Yield Curve Flattening Hardt Wall Street Journal, July 22, 2012 # Wyleida on long-term bonds are lower than yields on short-term bonds then the told curve