'We are not currently in a recession,' says White House

STORY: White House press secretary Karine Jean-Pierre declined to comment on the Fed's monetary policy decision after it raised rates by three quarters of a percentage point.

She said the Biden administration will continue to let the Federal Reserve be independent.

The U.S. government bond market is sending a fresh batch of signals that investors are increasingly convinced the Federal Reserve's aggressive actions to tame inflation will result in recession.

While Fed Chair Jerome Powell on Wednesday said that he does not see the economy currently in a recession, spreads between different pairings of Treasury securities - and derivatives tied to them - have in past weeks moved into or toward an "inversion" when the shorter dated of the pair yields more than the longer one.

These join another widely followed yield spread relationship - between 2- and 10-year notes - that has been in inversion for most of this month.

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