NO.PZ2016031001000129
问题如下：
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.
解释：
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.
考点：term structure of yield volatility
解析：B选项比较短期收益率和长期收益率。根据题干的描述，呈现一种向下倾斜的yield volatility，也就是说短期利率的波动性大于长期利率的波动性。因此长期利率相比更加稳定。故选项B正确。
可以麻烦老师用curve讲解一下为什么downward slope是短期波动更大而upload更小呢？
