NO.PZ2022122601000020
问题如下：
Perumal then shifts his attention to forecasting US bond return expectations and begins estimating the risk premia for five-year US intermediate-term bonds using the data in Exhibit 2.
Perumal’s estimation of the total risk premium for the five-year US government bonds is closest to:
选项：
A.75 bps
B.295 bps
C.375 bps
解释：
The risk premium for the five-year US government bond is equal to the term premium (five-year vs. one-year US government bond) of 75 bps.
Credit premium and liquidity premium are extraneous information and do not apply.
Expected return = Risk-free rate + Risk premium = 220 + 75 bps = 295 bps, but the question asks about the risk premium only, not the expected return.
中文解析：
五年期美国政府债券的风险溢价等于期限溢价(五年期与一年期)75个基点。
信用溢价和流动性溢价是无关信息，不适用。
预期收益=无风险利率+风险溢价= 220 + 75 bps = 295 bps，但问题只问风险溢价，而不是预期收益。
请问这个total risk premium里不应该有inflation risk吗？
