Parts of the yield curve inverted deeper after the Federal Reserve Chair's comments. The yield curve has inverted before every major US recession since 1969. The widely-tracked economic indicator is a graphical representation of the spread between long- and short-term US Treasury yields. The closely-followed spread between 10-year and 2-year Treasury yields deepened to minus 100 basis points Wednesday, according to the Federal Reserve Bank of St. Louis. Meanwhile, the gap between 1-year and 30-year government bond yields reached its most inverted level since 1981, per data from Refinitiv.

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Persons: Jerome Powell, —, Jerome Powell's, Powell, Louis, Read, Biden Organizations: Federal, Service, Federal Reserve, London School of Economics, Portugal Wednesday, Market Committee, Federal Reserve Bank of St Locations: Portugal, Spain, Madrid