Answer: steepness of the curve.

## Explanation When short-term yields move in the opposite direction of long-term yields, this primarily represents a change in the **steepness** of the yield curve. **Yield curve factors:** - **Level**: Parallel shifts where all maturities move in the same direction - **Steepness**: Changes in the slope between short-term and long-term rates (when they move in opposite directions) - **Curvature**: Changes in the middle portion of the curve relative to the ends **Example:** - If short-term rates increase while long-term rates decrease, the yield curve becomes flatter (less steep) - If short-term rates decrease while long-term rates increase, the yield curve becomes steeper This opposite movement between short and long ends directly affects the slope or steepness of the curve.

Author: LeetQuiz Editorial Team