Interesting Bond Market Action Today: Long Yields Down, Short Up

The 30-year bond yield is down 5 basis points and the 2-year yield is up nearly 5 basis points.  

We have not seen that behavior for a while.

This is recessionary-looking behavior but one day does not a market make. We are also nowhere close to inversions. 

But recessions can happen without inversions, and who knows what the curve will look like just as the Fed believes it will hike next year. 

By the time the Fed gets to that point, I suggest recession may be at hand with no way to cut.