The three-month/10-Year Treasury yield curve has inverted, with the three-month Treasury closing last Tuesday at 4.14% and the 10-year closing at 4.10%. So does that mean a recession is imminent? And if so, will it be worse than expected?

Maybe, and it depends, says Marcus & Millichap's John Chang.

"There may be another shoe to drop," he said in a new research video. "A lot will depend on the Federal Reserve," which is meeting this week to discuss further hikes to the overnight rate.

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