The 3-month/10-year yield curve, widely regarded as a more reliable recession indicator compared to the 2-year/10-year curve, has demonstrated a significant shift in recent weeks. Historically, the last four recessions have tended to follow a few months after this curve uninverts. Notably, prior to these instances, the curve typically moved back into positive territory only after a recession had already begun. Since late September, the 3-month/10-year curve has undergone a dramatic resteepening, gaining 21 basis points week-on-week and transitioning into positive territory for the first time since October 2022. As of the latest data, the curve stands at +0.06%, marking a substantial increase of 1.19% since September 11th. This notable move underscores the rapid changes in market expectations and economic sentiment.