An analyst, who measures yield as a combination of interest rates and premiums, observes an upward-sloping, default-free government bond nominal yield curve. Which of the following statements is correct?
Interest rates must be expected to rise in the future.
Bond risk premiums must be expected to rise in the future.
Expectations relating to the future direction of interest rates are indetermate
(Institute 458)
Institute, CFA. 2018 CFA Program Level II Volume 6 Alternative Investments and Portfolio Management. CFA Institute, 07/2017. VitalBook file.
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我认为Required rate of return for credit risky bonds = R + π + θ + γ 其中
γ是credit premium，而题目是default free goverment bond，因此不存在risk premiums，分析师只考虑interest rate和premiums，如果曲线向上倾斜则肯定是interest rate 上升，请问我错在哪里？
