From Nordea's Head of Market Strategy:
🇺🇸 Lots of talk of curve inversion, which isn't surprising. I am still extremely unsure whether it really is a business cycle signal. To me, it looks much, much more like an inflation story. The inflation swap curve is deeply inverted, the real swap curve still quite steep. pic.twitter.com/Ckcn8aeWWq
— Mikael Sarwe (@MikaelSarwe) March 21, 2022
This is the first time I have ever seen an analyst point out the difference between nominal and real (inflation adjusted) curves. Because it is new to me, I can't say if the difference is important or if it is, by how much but it appears to be something to keep in mind amidst all the "curve" jibber-jabber.
As well as when perusing the post immediately below, Convexity Maven's look at curves:
