为什么需要考虑predicting cash flow方面是否是good hedge?

NO.PZ2022123002000067 问题如下 TCMS, a meccollege, is also a client of NMSTCMS currentlyha two-yelooutstanng with a 5.5% fixeannuinterest rate. Bingexpects a cline in interest rates anaises TCMS to enter into a two-yearinterest rate swin whiTCMS woulpLibor + 0.5% anreceive a 5.5%fixerate. From TCMS's perspective, the ration of a two-yefixerate loanis –1.5 years anthe ration of a floating rate lois –0.125. Bing asks Torres,\"Cyou comment on the overall impaof the interest rate swonTCMS?\"Torres respon,\"The net effeof entering the swis to rethe interest ratesensitivity of the overall loplus swposition relative to the lobyitself. If the swis ae however, it will harr for TCMS to prectcash flows, anfrom this perspective, the swes not serve a gooee.\"IsTorres’ response to Bing most likely correct? A.No,he is incorreabout heing ability of the sw B.Yes C.No,he is incorreabout the sensitivity of the overall position CorreAnswer: BTorres is correcton both accounts. The ration of the originlois –1.5. The fixeleg ofthe interest rate swha ration of 1.5, anthe ration of the variableleg of the swis –0.125. Thus, the ration of the overall position is–0.125. The overall sensitivity is rece The firm will finit harr toprecash flows, however, because the net exposure is to the variable Liborrate. Therefore, Torres is correththe swserves a poor hee fromthe perspective of precting cash flows. 这句话不是说收固定吗，那么ration会变大，sensitivity也会变大呀？

NO.PZ2022123002000067 问题如下 TCMS, a meccollege, is also a client of NMSTCMS currentlyha two-yelooutstanng with a 5.5% fixeannuinterest rate. Bingexpects a cline in interest rates anaises TCMS to enter into a two-yearinterest rate swin whiTCMS woulpLibor + 0.5% anreceive a 5.5%fixerate. From TCMS's perspective, the ration of a two-yefixerate loanis –1.5 years anthe ration of a floating rate lois –0.125. Bing asks Torres,\"Cyou comment on the overall impaof the interest rate swonTCMS?\"Torres respon,\"The net effeof entering the swis to rethe interest ratesensitivity of the overall loplus swposition relative to the lobyitself. If the swis ae however, it will harr for TCMS to prectcash flows, anfrom this perspective, the swes not serve a gooee.\"IsTorres’ response to Bing most likely correct? A.No,he is incorreabout heing ability of the sw B.Yes C.No,he is incorreabout the sensitivity of the overall position CorreAnswer: BTorres is correcton both accounts. The ration of the originlois –1.5. The fixeleg ofthe interest rate swha ration of 1.5, anthe ration of the variableleg of the swis –0.125. Thus, the ration of the overall position is–0.125. The overall sensitivity is rece The firm will finit harr toprecash flows, however, because the net exposure is to the variable Liborrate. Therefore, Torres is correththe swserves a poor hee fromthe perspective of precting cash flows. 问题1The ration of the originlois –1.5，是哪一句话的体现呢？上面不是说swap的固定利率就是是1.5而已吗？问题2为什么说是poor hee？对利率的敏感程度已经下降了

NO.PZ2022123002000067问题如下 TCMS, a meccollege, is also a client of NMSTCMS currentlyha two-yelooutstanng with a 5.5% fixeannuinterest rate. Bingexpects a cline in interest rates anaises TCMS to enter into a two-yearinterest rate swin whiTCMS woulpLibor + 0.5% anreceive a 5.5%fixerate. From TCMS's perspective, the ration of a two-yefixerate loanis –1.5 years anthe ration of a floating rate lois –0.125. Bing asks Torres,\"Cyou comment on the overall impaof the interest rate swonTCMS?\"Torres respon,\"The net effeof entering the swis to rethe interest ratesensitivity of the overall loplus swposition relative to the lobyitself. If the swis ae however, it will harr for TCMS to prectcash flows, anfrom this perspective, the swes not serve a gooee.\"IsTorres’ response to Bing most likely correct? A.No,he is incorreabout heing ability of the swapB.YesC.No,he is incorreabout the sensitivity of the overall position CorreAnswer: BTorres is correcton both accounts. The ration of the originlois –1.5. The fixeleg ofthe interest rate swha ration of 1.5, anthe ration of the variableleg of the swis –0.125. Thus, the ration of the overall position is–0.125. The overall sensitivity is rece The firm will finit harr toprecash flows, however, because the net exposure is to the variable Liborrate. Therefore, Torres is correththe swserves a poor hee fromthe perspective of precting cash flows. sensitivity只看绝对值不看利率方向对吗 无论题目说没说预期利率下降 只要ration绝对值变小 就是降低sensitivity

NO.PZ2022123002000067 问题如下 TCMS, a meccollege, is also a client of NMSTCMS currentlyha two-yelooutstanng with a 5.5% fixeannuinterest rate. Bingexpects a cline in interest rates anaises TCMS to enter into a two-yearinterest rate swin whiTCMS woulpLibor + 0.5% anreceive a 5.5%fixerate. From TCMS's perspective, the ration of a two-yefixerate loanis –1.5 years anthe ration of a floating rate lois –0.125. Bing asks Torres,\"Cyou comment on the overall impaof the interest rate swonTCMS?\"Torres respon,\"The net effeof entering the swis to rethe interest ratesensitivity of the overall loplus swposition relative to the lobyitself. If the swis ae however, it will harr for TCMS to prectcash flows, anfrom this perspective, the swes not serve a gooee.\"IsTorres’ response to Bing most likely correct? A.No,he is incorreabout heing ability of the sw B.Yes C.No,he is incorreabout the sensitivity of the overall position CorreAnswer: BTorres is correcton both accounts. The ration of the originlois –1.5. The fixeleg ofthe interest rate swha ration of 1.5, anthe ration of the variableleg of the swis –0.125. Thus, the ration of the overall position is–0.125. The overall sensitivity is rece The firm will finit harr toprecash flows, however, because the net exposure is to the variable Liborrate. Therefore, Torres is correththe swserves a poor hee fromthe perspective of precting cash flows. the ration of a two-yefixerate lois –1.5 years，receive 2years为啥是负的1.5？