As a financial advisor, you have been asked a lot of questions recently on yield curves. So, you decided to hold an online seminar for your clients to explain the following questions using US yield curve as an example. You downloaded the data of Daily Treasury Yield Rates of the U.S from the website of U.S. DEPARTMENT OF THE TREASURY as below.(Mo=month, Yr=Year, Date format is Month/Date/Year)

Table1: Daily treasury yield rates of the US treasury bill and bond

	Time to maturities of US Treasury bill and bond
Date	1 Mo	2 Mo	3 Mo	6 Mo	1 Yr	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
08/15/19	2.08	1.97	1.91	1.86	1.72	1.48	1.44	1.42	1.47	1.52	1.8	1.98
08/16/19	2.05	1.95	1.87	1.85	1.71	1.48	1.44	1.42	1.49	1.55	1.82	2.01
03/16/20	0.25	0.25	0.24	0.29	0.29	0.36	0.43	0.49	0.67	0.73	1.1	1.34

REQUIRED:

1. Explain what a yield curve is by using the US treasury yield curves data on 15^th Aug. 2019 and 16^thMarch 2020 as an example.
2. Further specify what is the shape of the yield curves on 15^th Aug. 2019 and 16^th March 2020 respectively? Please explain the potential reasons for that shape.
3. Looking at the two US yield curves, what do you think is the implied market outlook of them respectively? Please explain the reasons in detail.