Astoria believes that the global bond market will remain skittish until central banks get more aggressive. There is no reason for the U.S. Fed Funds rate to be above to the 30-year U.S. Treasury. Yield curves in several international markets inverted earlier this year, prompting overseas investors to invest in the U.S. treasury market for higher yields. 7 out of the 8 U.S. yield curve inversions since 1960 were followed by a recessions, but that doesn't mean a recession is imminent..
