ine chart showing the spread between 3-month and 10-year Treasury bonds, daily from Feb. 27, 2003, to Nov. 29, 2022, in percentage points. Numbers began at 2.6pp and rose to nearly 4pp in 2004, before dropping to -0.5pp in the 2008 recession. They began to climb and stayed between 1pp and 4pp until 2017, where it dropped below 1pp. in September 2019 it dropped to -0.5pp. It steadily grew and hit 2pp in May 2022, but dropped again to -0.6pp in November 2022.