While it's true the 10 year - 1 year spread is negative, usually when you're talking about yield curve inversions, the duration people focus on is the 10 year -

While it's true the 10 year - 1 year spread is negative, usually when you're talking about yield curve inversions, the duration people focus on is the 10 year - 2 year. That's not currently inverted, but very shortly it was, which kind of triggered all the news stories. https://fred.stlouisfed.org/series/T10Y2Y https://fred.stlouisfed.org/series/T10Y2Y The 10 year - 3 month spread has been negative since May when the last big stock market selloff was. https://fred.stlouisfed.org/series/T10Y3M https://fred.stlouisfed.org/series/T10Y3M