Two quick views on Austrian economics and the yield curve...
According to Sean Corrigan*, a primary cause of the inverted yield curve is what Hayek referred to as “investment that raises the demand for capital”
Interestingly, Cowen (1997, p.92-94) argued that the existence of the yield curve negates ABC – he assumes that the long term rate signifies the amount of real savings. In his dissertation (which provides a capital-based macroeconomic model to explain why yield curves tend to inverse one year before a recession), Cwik attempted to refute Cowen (see p.98)**.
* Corrigan, S., “The ABC(T) of the Crisis” Tangible Ideas, Sept/Oct 2010
** Cwik, P.F. “An investigation of inverted yield curves and economic downturns”