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The Dow fell more than 800 points Wednesday after the bond market, for the first time in over a decade, flashed a warning signal that has an eerily accurate track record for predicting recessions.Here's what happened: The 10-year Treasury bond yield fell below 1.6% Wednesday morning, dropping just below the yield of the 2-year Treasury bond. It marked the first time since 2007 that 10-year bond yields fell below 2-year yields.US stocks fell as investors sold stock in companies and moved it into bonds. The Dow was about 2.8% lower. The broader S&P 500 was also down 2.8% and the Nasdaq sank 3.1% Wednesday.CNN Business' Fear and Greed Index signaled investors were fearful. The VIX volatility index spiked 26%.Investors are on edge because the German economy shrank in the second quarter, and the US-China trade war still looms large over markets despite the latest truce. Industrial production in China grew at the weakest rate in 17 years in July.As the global economy sputters, investors are plowing money into long-term US bonds. The 30-year Treasury yield fell to 2.05%, the lowest rate on record.Government bonds ¡ª particularly US Treasuries ¡ª are classic "safe-haven" assets that investors like to hold in their portfolios when they're nervous about the economy. Stocks, by contrast, are riskier assets that tend to be more volatile during economic slowdowns.Gold, another safe-haven asset, rose 1% Wednesday.Here's what this all means: Normally, long-term bonds pay out more than short-term bonds because investors demand to be paid more to tie up their money for a long time. But that key "yield curve" inverted on Wednesday. That means investors are nervous about the near-term prospects for the US economy. Bonds and yields trade in opposite directions, so yields sink when investors buy bonds.Part of the yield curve has been inverted for several months. In March, the yield on the 3-month Treasury bill rose above the rate on the 10-year Treasury note for the first time since 2007. It inverted again on July 24 and has remained negative. But Wednesday marked the first time in over a decade that the "main" yield curve ¡ª the 2-year / 10-year ratio ¡ª had inverted.That spooked Wall Street, because an inversion of the 2/10 curve has preceded every recession in modern history. That doesn't mean a recession is imminent, however: The Great Recession started nearly two years after the December 2005 yield-curve inversion.William Foster, Moody's lead US analyst, predicts the US economy will avoid a recession in 2019 and in 2020, despite the yield curve inversion's warning sign. He expects growth to slow in the second half this year into 2020.The US economy remains strong: Unemployment is historically low, consumer spending is booming, and the financial system is healthy."Even though we're discouraged by the yield curve's shape right now, we see few signs of danger ahead," said John Lynch, LPL Research chief investment strategist, in a blog post.Stocks have grown volatile lately, with the Dow plunging and rising more than 350 points in each session this week. But the yield curve inversion doesn't mean the stock market is about to collapse. The S&P 500 has rallied 22% on average between the first time a yield curve inverts and the start of a recession, Lynch noted.Following the last yield curve inversion in 2005, stocks rose for 12 straight months. 3400

The family that owns well-known consumer brands like Krispy Kreme doughnuts, Keurig Dr. Pepper and Panera Bread say their Nazi ancestors used slave labor during World War II.The Reimann family, which owns the controlling stake in JAB Holdings and is reportedly one of the richest families in Germany, will donate €10 million, or million, to a yet-undisclosed charity after a three-year investigation that it commissioned discovered details of their ancestors' behavior.A family spokesperson said Albert Reimann Sr., who died in 1954, and Albert Reimann Jr., who died in 1984, used Russian civilian prisoners and French prisoners of war as forced labor in their factories during the war, and that they were anti-Semites and avowed supporters of Adolf Hitler.The investigation also found that Reimann Sr. donated to Hitler's paramilitary SS force as early as 1931.Investigators also found a letter from Reimann Jr. to a local mayor complaining that the French prisoners of war weren't working hard enough and should be in prison."Reimann Senior and Reimann Junior were guilty. The two businessmen have passed away, but they actually belonged in prison," said Peter Haft, the chairman and one of the managing partners of JAB Holdings, in an interview with German publication Bild. "We were ashamed and white as sheets. There is nothing to gloss over. These crimes are disgusting." A family spokesperson confirmed the quote to CNN Business.The family expects to publish a book next year that will detail the ties.JAB Holdings, which is based in Luxembourg, also owns Peet's Coffee, Pret A Manger, Einstein's Bagels and Coty.The company acquired most of its best-known brands within the last several years. It took a stake in Coty in the early 1990s, and is the beauty company's largest shareholder. 1810

The federal government and the court system have deemed variations of the phrase "go back to where you came from" when used by employees to be discriminatory, cases reviewed by CNN show.Since President Donald Trump tweeted that four progressive Democratic congresswomen of color "who originally came from countries whose governments are a complete and total catastrophe" should "go back to where" they "came from" last Sunday, the President has insisted his comments were not racist. The four minority lawmakers he referenced -- Reps. Ilhan Omar of Minnesota, Alexandria Ocasio-Cortez of New York, Rashida Tlaib of Michigan and Ayanna Pressley of Massachusetts -- are all American citizens. Three of the four were born in the United States.While Trump is not the employer of these four congresswomen and therefore likely not subject to laws governing their work environment, the federal government has deemed the phrase he used to be discriminatory.CNN reviewed several complaints filed with the US Equal Employment Opportunity Commission and found a few where similar language to what Trump used was considered evidence of discrimination in the workplace. The EEOC is a part of the federal government that enforces federal law to make sure employees are not discriminated against for their gender, sex, national origin or age.In 2007, the commission sued a company on behalf of a Muslim car salesperson of Indian descent who was repeatedly called "Taliban" and told that he should "just go back where [he] came from." EEOC also alleged a manager told the defendant "[t]his is America . . . not the Islamic country where you come from."The 5th US Circuit Court of Appeals sided with EEOC's claim that the salesperson was subjected to a hostile work environment based on his national origin and religion. The court cited the example of use of the phrase several times in rendering its decision. The case is cited on EEOC's website in a section where it specifically lists the comment "go back to where you came from" as an example of "potentially unlawful conduct."In another case, EEOC filed a lawsuit against a California hospital on behalf of 70 Filipino-American hospital workers. The hospital workers alleged that they were the targets of harassing comments. Some Filipino-American workers were told they would be arrested if they did not speak English and were told to go back to the Philippines.The hospital settled the case in 2012 agreeing to pay nearly million dollars in the EEOC national origin discrimination suit.New York University, one of the largest private universities in the country, agreed to pay 0,000 to settle a race and national origin harassment and retaliation lawsuit filed by the EEOC. In 2011, the commission alleged that NYU violated federal law by subjecting a Ghanaian-born employee to a hostile work environment that included "degrading verbal harassment." Settling a case is not necessarily an admission of wrongdoing.According to the EEOC's suit, the supervisor of the mailroom in NYU's Elmer Holmes Bobst Library regularly addressed the employee, a native of Ghana, with slurs like "monkey" and "gorilla" and insults such as "go back to your cage."In a 2006 case between a postal worker and a coworker, the postal worker said she faced discrimination in the workplace after a coworker said, "If you can't speak English, you don't belong here. Learn to speak better or go back to your own country." In this case, the EEOC found sufficient evidence to make a harassment claim.CNN legal analyst Laura Coates said Trump's tweets, "although obviously racist to the public," may not be unlawful in the case of the President."The EEOC guidelines are clear but they relate to employment," Coates said. "Congress doesn't work for the President. I'm not sure they could use the same claim of a hostile work environment based on a political atmosphere." 3896

The Dow hit 27,000 points for the first time ever on Thursday, as stocks climb higher on hopes of an interest rate cut later this month.Federal Reserve Chairman Jerome Powell shored up rate cut hopes with his testimony before the Senate Banking Committee Thursday and House Financial Services Committee Wednesday.The Dow rose to a fresh all-time intraday high before pulling back slightly. It is up 0.4% or 111 points.The S&P 500 is up a modest 0.1%. 466

The Commission on Presidential Debates announced Friday it will host three presidential debates along with a vice presidential debate ahead of the 2020 general election. The sites and dates are:First presidential debate:Tuesday, September 29, 2020University of Notre Dame, Notre Dame, INVice presidential debate:Wednesday, October 7, 2020The University of Utah, Salt Lake City, UTSecond presidential debate:Thursday, October 15, 2020University of Michigan, Ann Arbor, MIThird presidential debate:Thursday, October 22, 2020Belmont University, Nashville, TN¡°We concluded that the CPD serves its voter education mission best when, in the final weeks of the campaign, based on pre-established, published, objective and transparent criteria, it identifies those individuals whose public support places them among the leading candidates and invites them to debate the issues of the day," Dorothy Ridings, who serves as a Co-Chair of the CPD, said. "We also concluded that the best available measure of public support is high-quality public opinion polling conducted near the time of the debates.¡± 1102

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