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When yield curves are steeply upward - sloping, medium - term interest rates are below both short - term and long - term interest rates.

When yield curves are steeply upward-sloping,
medium-term interest rates are below both short-term and long-term interest rates.
medium-term interest rates are above both short-term and long-term interest rates.
short-term interest rates are about the same as long-term interest rates.
long-term interest rates are above short-term interest rates.
short-term interest rates are above long-term interest rates.
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