The Yield Curve Slopes From Here

The yield curve has been inverted for 15 or so months, 16 months at levels we haven't seen in 40 odd years. People will say it's not a big deal this time; I think it's actually a bigger deal this time because the move from again, 110 down to 40, back to a percent, it's not stopping here. At a certain point, I believe, that's going to affect the credit markets and the form of JNK or HYG, and subsequently the equity markets. The end of a cycle can persist much longer than people's perspective. We certainly saw 06 to 07. A steeper curve here, I think, would be a problem.