It is Not the Fall that Hurts. It is the Sudden Stop.

"The calliope crashed to the ground."

The yield inversion between the the 2 year treasury and the 10 year treasury is the flight.  The eventual and unavoidable unwinding of that inversion is the crash.  The longer that the inversion existed and the greater the width of the inversion usually dictates the severity of the recession that follows.  The current inversion between the 2 year treasury and the 10 year treasury began on April 1, 2022 when the yield on the 2 year was 2.44% and the yield on the 10 year treasury was 2.39%.  The gap widened considerably during the past 18 months but has now begun to taper off.  We are still inverted but the gap is not as wide.  As of yesterday, the inversion still exists with the 2 year at 4.98% and the 10 year at 4.27%.  As I have written before, treasuries are very boring.  Watching yields is like watching paint dry.  Make no mistake about it, bond yields will eventually correct and when they do, the shit will hit the fan.