Wall Street has shrugged off the inversion of the US yield curve despite it being a classic indicator of recession, prompting some strategists to suggest this cycle is not comparable to past booms and busts.

The yield on the US 10-year Treasury note fell below the yield on the US 2-year Treasury briefly on Wednesday in US trading, just two days after the US 5-year and 30-year yields inverted for the first time since 2006.