4. Which of these statements characterize(s) a “normal” yield curve?

• It is indicative of a restrictive monetary policy being conducted by the central bank.
• It is indicative of an easy monetary policy being conducted by the central bank.
• The yield of bonds with a shorter maturity are higher than that of bonds with a longer maturity.
• The yield of bonds with a shorter maturity are lower than that of bonds with a longer maturity.
• The yield of bonds of all maturity are the same.