In the early stages of a business cycle,yield tends to be:

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In the early stages of a business cycle, the economy is in the expansion phase, and there is an increase in economic activity. As a result, demand for credit increases, which pushes up interest rates. However, in the early stages, yield is typically low as there is a small increase in demand for credit, and the supply of credit is still high. The upward sloping yield curve indicates that the longer the maturity of the bond, the higher the yield offered by the market to attract investors.

In the Early Stages of a Business Cycle,yield Tends to Be