Part 6 of the ARK report mentions that the bond market, specifically the 10-year Treasury yield minus the 3-month Treasury yield, showed a back-to-day inversion, which reached an all-time high during the month of December. Historically, an inverted yield curve has been seen as a harbinger of a recession or even lower inflation. In addition, an inverted yield curve drops the incentive for banks to lend because it means that short-term lending intrerest rates are already higher than long-term loans, which is often seen as a negative signal in financial markets.