An inverted yield curve has typically been viewed as a sign that a recession is in the offing.

You know the moment in a horror movie when the characters are going about their business as normal and nothing bad has happened to them yet, but it feels as if there are ominous signs everywhere that only you, the viewer, realise?

That's what watching global financial markets the last couple of weeks has felt like.

In a lot of ways, nothing looks particularly wrong. The stock market, as measured by the S&P 500 index, is down only about 6 per cent

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