I really do not think you can read too much into this "yield curve" stuff...
There has been a long period of declining rates,economic under performance and gov't stimulus.
Globally there is (recent) economic improvement,but no inflation....
In this scenario the short end is going to invariably wind up higher than the long end...but to infer a "recession" from that based on "classical" teaching is wrong imo.
Buying even 20 year Treasuries at 2% with a hope of a recession  is "picking up pennies in front of a steam roller"...
The equity market meanwhile, reacts to short term rates,so yes,I agree,we are probably going to see a correction,especially in rate sensitive utilities.