1.) The U.S. market is believed to be semi-strong form efficient (most of the time). What does semi-strong form efficiency mean? Provide two arguments that support (and two arguments that do not support) the U.S. market being semi-strong form efficient. Who (if anyone) would be able to achieve abnormal returns if the market is semi-strong form efficient and why? If the market was semi-strong form efficient would there still be a need for fundamental analysists? Why?

2.) What are the three commonly accepted facts about yield curves? Explain the theory (reasoning) behind each of the three facts? Why is it important to understand these three facts?