The yield curve, concretely the spread between the ten-year bond and the three-month Treasury bill, has inverted for the first time since 2006. Every time this has happened since World War II, a recession has followed a few quarters thereafter. This brief article attempts to explain the underlying factors causing this inversion and the potential consequences it represents for companies and investors not only in the US but in other geographies such as China, emerging markets, Europe and of course, Spain.