SF Fed says flatter yield curve not a warning

A study published by the Federal Reserve Bank of San Francisco says a sharp flattening in the US Treasury yield curve need not suggest the onset of economic weakness.

The yield curve's move over the past year "is not that unusual for this stage of the business cycle," John Williams, senior vice president at the San Francisco Fed, said in a monthly report on the economy.

Instead, Williams outlined a strong economic case, saying the spring's reported soft patch in spending was "illusory," and

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