题目
Which of the following statements relating to yield volatility is most accurate? If the term structure of yield volatility is downward sloping, then:
选项
A.short-term rates are higher than long-term rates.
B.long-term yields are more stable than short-term yields.
C.short-term bonds will always experience greater price fluctuation than long-term bonds.
答案
B
解析
： B is correct. If the term structure of yield volatility is downward-sloping, then short-term bond yields-to-maturity have greater volatility than for long-term bonds. Therefore, long-term yields are more stable than short-term yields. Higher volatility in short-term rates does not necessarily mean that the level of short-term rates is higher than long-term rates. With a downward-sloping term structure of yield volatility, short-term bonds will not always experience greater price fluctuation than long-term bonds. The estimated percentage change in a bond price depends on the modified duration and convexity as well as on the yield-to-maturity change. ： 这道题目问的是以下哪项与收益率波动性有关的陈述最准确？如果收益率波动的期限结构是向下倾斜的，那么： B是正确的。如果收益率波动的期限结构是向下倾斜的，那么短期债券到期收益率的波动性要大于长期债券。因此，长期收益率比短期收益率更稳定。短期利率波动较大并不一定意味着短期利率水平高于长期利率水平。