Sources: Bloomberg, William Blair Equity Research
2.0
2.3
2.9
3.7
4.4
4.3
4.1
3.9
3.5
3.0
2.4
1.9
3.9
4.0
4.2
4.2
Average Behavior of Index for all Recessions Since 1945 (Index rebased to 1 and Economic Peak)
Treasury Yield Curve: T-Bill Yields Rise Near X-Date
