Using the supply and demand for bonds framework, explain the combined effects of the recession and expected deflation caused by the current COVID-19 pandemic situation and lockdown on the equilibrium nominal interest rate in the absence of any macroeconomic policy interventions. To simplify your analysis, assume that the Government of Canada and the Bank of Canada are not currently implementing any fiscal and monetary policy measures to stimulate the economy. Draw a clearly labeled bond market diagram to support your explanations.