The curve inverted modestly yesterday, and people are piling on.

I think the message in this inverted yield curve is muddled. I think it is something to watch and to understand better. But I am not overly concerned.

There is this simplistic notion around that because the yield curve is inverted, therefore, economic growth is going to slow down, but ... no consideration is given as to why the economy would slow down.

are all piling into a Toyota.

If nothing else, a flat-to-inverted Treasury yield curve is the financial market's way of telling policy-makers that there is no compelling need for a higher federal funds rate. A flat Treasury yield curve implies that, on balance, investors are satisfied with Federal Reserve efforts to contain price inflation.

This report may modestly lower third-quarter real GDP estimates,