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If the term structure is upward sloping it means that long term maturity rates are higher than short term rates;reinvestment of cash is done on the short-end of the term structure. Hence, reinvestment returns are being invested at lower rates dragging down the target rate vis a vis the YTM. (Why the YTM is higher is for compensation from holding long term bonds and all that level 1 fun stuff). The opposite is true for the inverse scenario.