That would make the yield curve steepen, which normally suggests a growing economy.

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We think the yield curve should steepen as inflation is priced in, then invert as the Fed gets a handle on it perhaps late this year.

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My big concern is that handset shipment volumes in Europe may have started contracting around July and the slide may steepen in August and September, which would jeopardize the crucially important back-to-school season.

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