Stocks under extreme pressure as inflation continues to surge

A closely watched recession predictor in the bond market just flashed red, spurring fresh concern that the U.S. economy is on track for a downturn this year as a result of the Federal Reserve's war on inflation. The spread between the 2-year and 10-year Treasury yields inverted this week for the first time since April on fears that the Federal Reserve's aggressive approach to tackling the hottest inflation in four decades could lead to a sustained slowdown in growth. The phenomenon – which is rare – has been a historically accurate predictor of recessions.

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