Tough times ahead, says yield curveThe Globe and Mail reports in its Saturday edition that Sal Guatieri, senior economist, BMO Financial Group, says that Canadian real growth in gross domestic product averaged 3 per cent annualized in the first three quarters of 2022, with little sign of slowing despite fierce monetary tightening. The Globe's Jason Kirby writes that Mr. Guatieri believes that as the full weight of tighter policy bears down on activity, tougher times lie ahead: To wit, the recent minus-154-basis-point spread between yields on Canada 10-year and one-year securities is the most deeply negative spread since the early-1990s recession. The yield curve is not a perfect guide to downturns, but it is one of the most reliable. Ignore it at your peril, says Mr. Guatieri.