With the yield curve (10-year minus 2-year) flirting with de-inverting today, and the Fed set to begin lowering rates in two weeks from today, it continues a sequence in this business cycle that has been mostly identical to the unfolding of events before the last three recessions (non-Covid.) The graphic below shows these similarities down to the common protests every step of the way. If the text is too small to read, a PDF/printable version is attached.