Critically evaluate this statement,“Yield curve shifts tell us nothing about expectations of future interest rates and have no effect on the valuation of fixed income instruments.”

“Yield curve shifts tell us nothing about expectations of future interest rates and have no effect on the valuation of fixed income instruments.” Critically evaluate the above statement. Mark scheme for task 1: -Presentation/structure of argument -Understanding of theories explaining the shape of the yield curve -Understanding of valuation methods and concepts related to Fixed income instruments –