The 3-mo./10-yr. spread (which is on the Fed's website http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml) has narrowed to just a negative 5 basis points. As I've been saying since last summer, US escalation of the war has stimulated the economy and the stock market despite this inverted curve. As one astute reader summarized, "War trumps the inverted curve."