NO.PZ2023040601000068
问题如下：
Andrew Rutherford is a fixed-income analyst with Quantum Credit Advisers, an institutional investment management company.
As part of Rutherford’s analysis, he forecasts the real one-year risk-free rate to be0.25% and average inflation over the next year to be 1.5%. A zero-coupon nominal Treasury bond with one year to maturity and a par value of $100 is currently trading at $98.05. Rutherford notes the discrepancy in market pricing relative to his forecasts.
Which implied market expectation most likely accounts for the discrepancy in bond pricing that Rutherford notes?
选项：
A.Inflation uncertainty
Interest rate risk
Credit risk
解释：
A is correct. The breakeven inflation rate incorporates both premiums for expectations about inflation and for the uncertainty of the future inflation environment.
B is incorrect. Interest rate risk is already being incorporated into the term structure of the yield curve and does not need to be separately added.
C is incorrect. Given that this is a Treasury bond, it is considered risk-free and does not include a premium for credit risk.
不是说短期债券不考虑inflation Uncertainty，应该只考虑Expected Inflation Rate吗？而只有期才两个都考虑呀，A为啥对？
