NO.PZ2022122601000007
问题如下：
Observation 3：The current yield curve for Country Y suggests that the business cycle is in the slowdown phase, with bond yields starting to reflect contractionary conditions.
Based on Observation 3, Wakuluk most likely expects Country Y’s yield curve in the near term to:
选项：
A.invert B. flatten C.steepen
解释：
Correct Answer: C
C is correct. The current yield curve for Country Y suggests that the business cycle is in the slowdown phase (curve is flat to inverted), with bond yields starting to reflect contractionary conditions (i.e., bond yields are declining). The curve will most likely steepen near term, consistent with the transition to the contractionary phase of the business cycle, and be the steepest on the cusp of the initial recovery phase.
中文解析：
正确答案:C
C正确。Y国当前的收益率曲线表明，商业周期正处于放缓阶段(曲线从平坦到倒挂)，债券收益率开始反映紧缩状况(即债券收益率正在下降)。这条曲线很可能在短期内变得更陡，与商业周期向收缩阶段的过渡相一致，并且在初始复苏阶段的尖端是最陡的。
observation 3明确说现在business cycle 是在slowdown，然后bond yield 反应contractory pressure （就是bond yield 下降）bond yield 是长期的，题目暗示长期利率在下降啊。
business cycle分析中说 slowdown阶段 yield curve要么是flatten，may invert。现在题目又暗示bond yield 下降，那不就是invert么
