A negative yield curve is the most reliable pointer to when a bull market in shares is over or nearing its end. A negative yield curve happens when shorter term official interest rates fall below longer-term ones, which is unusual.
On March 20, the USA registered its first negative yield curve since August 2006. It occurred not because short-term rates kept rising, but because medium and long-term rates fell further as the outlook for the global economy and corporate earnings soured.
What does this mean?