Franklin Templeton fund manager Michael Hasenstab lost $1.8 billion on Monday due to the market slide in Argentina, according to the Financial Times.
The bond market is flashing its biggest recession signal yet, now that the widely watched spread between the yield on the 2-year Treasury note and 10-year note yield has inverted.
This so-called inverted yield curve is a reliable indicator for a recession, measured as two quarters of negative growth. But the U.S. curve move is not isolated — bond markets globally are reeling, with the U.S. 30-year bond yield falling to a record 2.015%; the U.K. curve inverted and German bund yields going deeper into record negative territory.
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