For a recent business cycle, plot the yield curve for 1-, 2-, 3-, 5- 7-, and 10-year U.S. Treasury bonds at the NBER peak and trough of the same recession and for a date about midway through the expansion (preceding or following the recession). Depending on which business cycle you choose, two out of the three curves should slope upward. The third may slope up or down but, in any case, is likely to be flatter than the others. (Excel hint: (i) create a series of maturities in adjacent cells moving from left to right: 1, 2, 3, 5, 7, 10 and highlight these cells; (ii) select your dates and highlight the cells in adjacent columns containing the rates for each of these maturities at those dates; (iii) on the “Insert” menu, select “Chart” and insert a chart, selecting the scatterplot option with points connected by a smooth line.)