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Part $1$

An article in the Wall Street Journal describes recent economic events as having$$ "steepened the yield$$ curve."

What does it mean to say that the yield curve$$ "steepens"?

Part $2$

A yield curve shows the relationship on a particular day

$$

$$

between bonds with different credit ratings

among the interest rates on bonds with different maturities

among the interest rates on bonds with different default risks

$.$

If the yield curve$$ "steepens" the gap between$$ short$-$term interest rates and$$ long$-$term interest rates

$$

$$

remains unchanged

must have increased

must have decreased

$.$