Yield curve risk can be described as _____.

A) how sensitive bond returns are to changes in the level of interest rates

B) how sensitive bond returns are to changes in the shape of the yield curve

C) how sensitive bond returns are to changes in the spread between Treasuries and non-Treasuries

D) how sensitive bond returns are to a potential default

Yield curve risk is often measured by _____, while spread risk is measured by _____.

A) key rate duration; spread duration

B) spread duration; portfolio duration

C) credit ratings; key rate duration

D) portfolio duration; key rate duration