NO.PZ201812020100000404
问题如下：
The two-bond hypothetical portfolio’s immunization goal is to lock in a rate of return equal to:
选项：
A.9.55%.
B.9.85%.
C.10.25%
解释：
B is correct.
Immunization is the process of structuring and managing a fixed-income portfolio to minimize the variance in the realized rate of return and to lock in the cash flow yield (internal rate of return) on the portfolio, which in this case is 9.85%.
老师，我能理解match cash flow yield是对的，但是，针对这题和前面有个题的结论有点混淆。
1.之前有个题给了下面这样的结论：
macaulay duration衡量price risk, investment risk衡量reinvestment risk
when Macaulay Duration=investment horizon, expected return=YTM
2.那么这道题为什么不是match YTM, 而是match cash flow yield更好呢？
这2点分别是什么情况下使用，感觉我好像使用两个结论的情景没有区分清楚。
什么情况下应该match YTM？什么情况下又应该match cash flow yield?
