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Benoit Coeure speech "What yield curves are.....>

ECB
ECB: Benoit Coeure speech "What yield curves are telling us" is available on the
ECB website.
- https://www.ecb.europa.eu//press/key/date/2018/html/ecb.sp180131.en.html
- Repeats what we have written about recently that the flat yield curves are
mostly down to a decline in term premia and do not represent an accurate
recession indicator.
- A yield curve that is adjusted for the risk-premium impact can be calculated
from the NY Fed's Adrian Crump and Moench series and it doesn't look anywhere
near recession-threatening {ACMTRY02 Index ACMTRY10 Index HS M }. This
spread is a risk-neutral 2-10Y UST curve spread.

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