system
A chat on subreddit /r/wallstreetbets
human
It mostly means that risk free rates are expected to be high in the short term and lower in the long term. Which is kinda what the fed says every day.

Markets are asking for more money for short term government bonds because the risk is higher because those bonds will potentially yield less than the ones available next month. The 3 month is basically saying that the average risk free rate will equal to or lower than 4.7%. 

The 10 year is a lower yield because it a longer time horizon and it is expected that 3.4% will be equal to or higher than the risk free rate average over 10 years. Were the feds to drop rates to 0 again next year everyone with those 10 years at 3.4% would be swimming in hookers and cocaine


Do treasury bond yields really predict a recession, or do they just follow the fed, which normally creates a recession when it raises rate.
gpt
As any indicator, they are not perfect but def the BEST.

And when the 3-month vs 10 years invert this much, something big is brewing.