The US Treasury actives curve and dollar swaps curves are markedly sagged (or kinked).
But other countries are experiencing curve sags as well, but just not as pronounced. Germany, Japan, UK and France are all sagging, but less notably.
Numerous risks abound in the global economy such as Brexit, China trade disagreement, etc.
On the other hand, there is Venezuela which has entered a seemingly permanent sag.
And the SAG award goes to … the USA for short-term SAG.
The permanent SAG award goes to …. Nicolas Maduro and Venezuela.