What happens to the yield curve as the stock market declines and the economy enters recessions (for example in 2001, 2008, or 2020)? All rates decline similarly, leading to a drop in rates with no significant change in the shape of the yield curve All rates decline, with short-term rates dropping more than long-term rates, leading to a steep yield curve Short-term rates fall, and long-term rates rise, leading to a steep yield curve