Canada’s yield curve inverted last month, for the first time since the Great Recession. The 10-year Government of Canada bond yield fell to 1.49% in July, a decline of just 1 bp from June. The 2-year Government of Canada bond jumped to 1.55%, rising 9 bps in a month. Canada hasn’t seen the spread fall this low in over 10 years, and even then it was only for a few months.