Debt Instrument Yield (annual) Three-month Treasury constant 0.05% maturity instruments Three-month Commercial paper 1.3% One-year Treasury constant 0.15% maturity instruments Ten-year Treasury constant maturity 0.92% instruments Ten-year investment grade 3.34% corporate bonds (AA) 1. Assume the table above presents a snap shot of market rates from a trading day earlier this year. Consider the characteristics of debt instruments that cause their interest rates to vary. Why does the yield on 10-year investment grade corporate bonds differ from the yield on 1-year Treasury instruments (referred to as constant maturity instruments)? Identify at least two characteristics that cause this interest rate differential to exist and explain how each causes the interest rate differential between the two debt instruments to widen or narrow