这是之前别人问的问题，我的疑惑在最下面。
（看过之前别人的回答，不过表示看不懂。）
“If one has no clear opinion about the interest rate outlook but would like to avoid risk, selling
interest rate futures would be a good strategy. ”这句话有问题，是不是
selling
interest rate futures
就是sell bond呢？？？如果相同意思，才说得通。求教~~~~
附件 课后题题目 答案
3. The trustees of a pension fund would like to examine the issue of protecting the bonds in the
fund’s portfolio against an increase in interest rates using options and futures. Before discussing
this with their external bond fund manager, they decide to ask four consultants about their
recommendations as to what should be done at this time. It turns out that each of them has a
different recommendation. Consultant A suggests selling covered calls, Consultant B suggests
doing nothing at all, Consultant C suggests selling interest rate futures, and Consultant D
suggests buying puts. The reason for their different recommendations is that although all
consultants understand the pension fund’s objective of minimizing risk, they differ with one
another in regards to their outlook on future interest rates. One of the consultants believes
interest rates are headed downward, one has no opinion, one believes that the interest rates
would not change much in either direction, and one believes that the interest rates are headed
upward. Based on the consultants’ recommendations, could you identify the outlook of each
consultant?
答案太长不让粘只截取一小部分
3.
If one has no clear opinion about the interest rate outlook but would like to avoid risk, selling
interest rate futures would be a good strategy. If interest rates were to increase, the loss in value
of bonds would be offset by the gains from futures. Thus, Consultant C, who suggested selling
interest rate futures, is likely the one who has no opinion.
我的疑惑：
Bonds in the fund’s portfolio，持有债券现货，利率上升，债券贬值；
C suggests selling interest rate futures，卖出利率期货，利率上升，期货价值下降。
这样一来的后果，就是利率上升，现货和期货双降。
