Which of the following is NOT true:

The yield curve charts the annual interest rates paid on bonds of various maturities.

When short-term interest rates rise above long-term interest rates, investors say the yield curve is inverted.

Yields on longer-term bonds tend to be higher than yields on short-term bonds, principally stemming from inflation which erodes the value of fixed payments.

Yields on long-term bonds are always higher than short-term bonds.

None of these.