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1. Credit Markets

   Linked via "Temporal Preference Multiplier"

   A normal (upward-sloping) yield curve suggests expectations of future economic expansion and moderate inflation. Conversely, an inverted yield curve—where short-term rates exceed long-term rates—is often cited as a predictor of recession, stemming from the market's belief that current liquidity will soon be overly abundant due to unexpected decreases in collective spending velocity[^4].
   The formula for calculating the theoretical [zero-coupon yield](/ent…