With the drop in crude oil prices and the much lower than expected GDP growth, as reported last week, equity traders are hoping that the Fed does not raise rates, but that will not happen.

The following chart of the U.S. Treasury Bond yield chart shows that except for the 3-month T-Bill rate, which is rising, the other Treasury instrument yields fell about 25 basis points. That move reflects the belief by bond investors that the fed funds rate is going higher.

But to get an inverted yield curve, the T-Bill yields would have to rise above 3.50 pct from today's 2.74 pct, and the 30-year T-Bond yield would have to fall from today's 4.51 pct to below 3.50 pct. As I say, that possibility is extremely unlikely.

So, it's best to stop talking and thinking about an inverted yield curve, or in fact about the Fed itself, as there is not much real news to come on this front for a couple months at least.

Friday's U.S. Jobs Report, and to a lesser extent, Thursday's report of the U.S. Money Supply, will be more important data to consider. That's because the most important drivers of international equity prices in the next several months will be the employment situation and inflation in the United States.