In the late expansion phase of the business cycle, bond yields are usually rising but more slowly than short-term interest rates are, so the yield curve flattens. Private sector borrowing puts upward pressure on rates while fiscal balances typically improve
债券收益率:
在商业周期的后期扩张阶段，债券收益率通常会上升，但比短期利率上升的速度要慢，因此收益率曲线会变平。私人部门给借贷给利率带来上行压力，而财政平衡通常会改善。
请问为什么财政平衡会改善，在其他几个阶段的财政平衡情况是什么样呢
