Which of the following is TRUE of changes in yield curve?

A. An increase in longer term rates accompanied by a decrease in short term rates is described as flattening of the yield curve.

B. Barbell portfolios are always better than a bullet portfolio in the event of a steeping twist.

C. A butterfly shift is an example of a steepening twist in the yield curve.

D. The best strategy amongst a barbell, bullet or laddering strategy will depend upon the level of changes in interest rates across various maturies.