I don't think so

Treasury Inversion Is Not About the U.S., It Is About the Whole World

The U.S. yield curve is flirting with another broad-based inversion, reigniting Wall Street fears over the fate of the American economy.

A growing chorus of voices is being swayed by another notion: the signal might say more about the state of the world than the U.S. business cycle.

Treasuries now make up more than half of the world’s haven assets, double the share they accounted for during the global financial crisis, according to Eurizon SLJ Capital. That complicates matters when the spread between long- and short-term yields inverts: what used to be a reliable American recession indicator is instead an barometer of investors diving for cover worldwide.

The authors have to show why an inverted curve is better for foreign banks than an upward sloping curve.   Foreign banks, via their counter parties, have access to the whole curve and if liquidity is available can switch positions so as to lead to an upward sloping cure.

They cannot support the upward sloping curve because to government does not have the liquidity to counter respond.   Our government is cash poor, barely solvent and its books are handled by a primary dealer value added net, and that net, that cash crunch is why the curve inverts.

Treasury demands in the bond market becomes more than the primary dealership can handle, debt congests in the pipeline and the future is uncertain as the congestion builds.  This is all sandbox theory, finance knows nothing until it knows sandbox.