The US just got a big recession warning on Wednesday, with yields on longer-term federal debt dropping below yields on shorter-term debt.
That could cause panic for anyone who remembers the last time that happened: right before the Great Recession that began in 2007.
The following years saw massive amounts of economic chaos around the world. Throughout the fall of 2008, Wall Street shook as century-old investment banks were toppled amid a collapse of the overheated US housing market. Hundreds of thousands of jobs were lost every month, and the unemployment rate hit a high of 10% in October 2009. A decade later, the effects of the worst recession in generations is still being felt, with the labor market only recently coming close to a full recovery.
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