This chart considers the role of the yield curve as a predictor of recessions. As the table on the right-hand side shows, while the yield curve has inverted ahead of every recent US recession, the time until the stock market peaks or the economy goes into recession has varied very widely over time. This calls into question how much faith investors can put in the yield curve as a predictor of recession, particularly in a world where central banks have such a significant footprint in government bond markets.