One of the key ways that we can set up a bond portfolio to beat its Benchmark is in relation to interest rates. The main way that we describe interest rates is in relation to the yield curve. So the yield curve identifies for us the yields of a number of different bonds with different time to maturities, but where those bonds have the same issuer and the same credit quality. So that we can plot together bonds that have the same exposure to credit risk. But just have different times to maturities. And here we're looking at a yield curve where we have. An issuer as issued a number of different bonds some bonds that have a very short time to maturity. The one month time to maturity having a yield of just below 2.5% all the way up to this issue having a 30 year bond that has just over a 3% yield maturity. The yield to maturity on any of these bonds is always expressed on an annualized basis, even though these bonds might have a longer or shorter time period than one year the yield to maturity is comparable across these different bonds because the yield to maturity is always expressed on an annualized basis. The shape of this yield curve and it's upward sloping form is also sometimes referred to as a normal yield curve. The upward slope reflects the fact that there is more risk and more uncertainty with longer time to maturity. As a result investors demand more return per year when they're investing in longer dated bonds than compared to investing in shorter dated bonds. Yield curves can also be horizontal. And could potentially also be inverted or downward sloping suggesting that investors are willing to accept lower rates of return per year over the longer term and they demand for shorter term time Horizons and inverted yield curve is often taking as an indication of an upcoming recession. Although this is not always guarantee.