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The Price-Yield curve of IO's has an unusual shape. What is unusual about it when interest rates decline to low levels (relative to the coupon

The Price-Yield curve of IO's has an unusual shape. What is unusual about it when interest rates decline to low levels (relative to the coupon rate)? What is the cause(s) of this shape?

What is the shape when interest rates are high (e.g. greater than that at issuance)? What is the cause(s) of this shape? Please explain in two or three sentences.

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