### Comment:
And yet where is the immediate deterioration? Flat growth of 1% is still not a recession. We also lack a major catalyst that would warrant an immediate recession. Inverted yields take on average 12-24 months to reflect themselves in the real economy. That’s why it’s such a reliable leading indicator since we can all watch it happen in real time.

### REPLY:
They are called lagging indicators for a reason.

### END.