In the bond market, the initial seller is considered to be the lender or the borrower, depending upon whether interest rates are rising or falling. the lender or the borrower, depending upon the use to which the funds are put. the borrower. the lender. QUESTION 16 Everything else held constant, if the expected return on Amazon stock rises from 8 to 9 percent and the expected return on 20-year U.S. Treasury bonds rises from 6.15 to 7 percent, then the expected return of holding Amazon stock relative to U.S. Treasury bonds and the demand for Treasury Bonds. rises; rises rises; falls falls; rises falls; falls