Suppose that we observe the following spot rates, i.e. the yield curve is downward sloping. The spot rates are annual rates that are semi-annually compounded.

Time to Maturity	Spot Rate
0.5	3.00%
1.0	2.90%
1.5	2.80%
2.0	2.70%

1. Compute the six-month forward curve, i.e. compute f(0,0.5,1.0), f(0,1.0,1.5), f(0,1.5,2.0).

2. What can we say about the forward curve? When the term structure of interest rates is downward sloping, the forward curve is ____________ (upward/downward) sloping.