The Fed pivot is near, and yield curve inversion has likely peaked. That’s usually bad news for stocks, this Fidelity strategist says.

Jurrien Timmer, director of global macro at Fidelity Investments, looked at the intersection of yield-curve inversions and the stock market. He acknowledges the signals are “frustratingly disparate” in terms of lead time and magnitude, but what typically happens is the market holds up for a bit, and then there are big drawdowns in the months that follow.

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