Bond, James Bond, is a US Treasury Trader at Leman Sisters, a bulge bracket investment bank. As such, he is always analyzing macro data to put a trade based on movements of the US Treasury yield curve. Please mark the only incorrect statement about the US Treasury yield curve:

a. If the economics team forecasts a recession, then the yield curve will likely invert

b. If the economics team forecasts higher inflation resulting from fiscal stimulus and growth, then the yield curve will likely steepen

c. If James expects that the Federal Reserve will start raising interest rates between 2022 and 2025, it is likely that the price of the US Treasury 10 year will fall

d. the liquidity premium for US Treasury bonds builds a downward bias on the yield curve