Which hypothesis explains why the yield curve is often 'lumpy' or 'humped'?

Name: Which hypothesis explains why the yield curve is often 'lumpy' or 'humped'?
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Market segmentation hypothesis suggests that the yield curve is often 'lumpy' or 'humped' because different investors have different investment preferences and constraints, leading to different demand and supply for different maturities. This creates segmented markets which can lead to a humped yield curve.

Which Hypothesis Explains Why the Yield Curve Is Often 'Lumpy