Suppose the US economy experiences a recession in 2024. However, the Federal Reserve decides to hold the money supply constant.

Draw a graph for the bond market to illustrate the effect of economic recession on the bond market. In your graph, label both axes and all curves, and indicate clearly how the equilibrium price and quantity should change. Explain the reasoning behind the movement of bond demand and supply and the change in equilibrium price and quantity in your graph. Make sure you use all information provided above. (You can either draw the graph using word drawing tools or draw it by hand and then take a picture) (this question has 8 points)