Correct. This is the only rational explanation for the inversion. There is nothing else to imagine about the negative (inversion). Whether the number is "gamed"

Correct. This is the only rational explanation for the inversion. There is nothing else to imagine about the negative (inversion). Whether the number is "gamed" or just a single statistic makes zero difference to what the market is actually saying about debt instruments: "we care about now than the future". What is afoot, as you say, is clearly a lack of confidence in longer term markets resulting in a move towards keeping asset in cash. Or those strange commodities like gold. I personally believe global markets are in for a rough ride very soon. Brexit is not going to help much either. DT is going to have no time for Twitter.