关于选项D

问题如下：

An internal auditor at a large international bank is evaluating the assumptions within the bank’s stress - test scenarios for coherence. Which of the following combinations of assumptions would most concern the auditor regarding their coherence?

选项：

A.

The GBP, USD, and CHF all appreciate simultaneously against a broad currency basket.

B.

Correlations between the returns of consumer staples equities and bonds decrease during a market downturn.

C.

Yields on government bonds decrease as yields on high - quality corporate bonds increase.

D.

Central banks respond to rising inflation by lowering interest rates.

解释：

Option A：It’s not coherent for three major currencies (GBP, USD, CHF) to all appreciate simultaneously against a broad currency basket. In reality, major currencies have relative values; they can’t all appreciate at once against a diverse basket. This assumption lacks logical consistency, so it’s a concern. Thus, this option is correct.

Option B：During a market downturn, correlations can change. A decrease in correlations between consumer staples equities (more stable) and bonds isn’t illogical. So, this option is incorrect.

Option C：Government bonds (safe - haven) and corporate bonds (riskier) can have yield movements in opposite directions, especially during stress (e.g., “flight to safety”). This is coherent. So, this option is incorrect.

Option D：Central banks typically raise rates to combat inflation, but if the assumption was lowering rates (though wrong in real policy), but the question is about coherence. Wait, no—actually, central banks respond to inflation by raising rates. But if a scenario assumed lowering, but that’s a policy error, but coherence is about logical connection. However, in this case, option A is clearly incoherent (all major currencies can’t appreciate vs a basket), while D is a policy mistake but not about coherence. But wait, the original question’s logic was all currencies can’t depreciate. Similarly, all appreciating is also impossible. So A is correct.

选项 A：三种主要货币（英镑、美元、瑞士法郎）同时对广泛货币篮子升值是不合逻辑的。实际上，主要货币有相对价值，不可能同时对多样化的篮子升值。这个假设缺乏逻辑一致性，因此值得关注。所以该选项正确。

选项 B：在市场低迷期间，消费必需品股票（更稳定）和债券之间的相关性下降并非不合逻辑。所以该选项错误。

选项 C：政府债券（避险资产）和公司债券（风险较高）的收益率可以向相反方向变动，特别是在压力时期（如 “避险”）。这是连贯的。所以该选项错误。

选项 D：央行通常会提高利率来应对通胀，但如果假设是降低利率（尽管在实际政策中是错误的），但问题是关于连贯性。然而，在这种情况下，选项 A 显然不连贯（所有主要货币不能对篮子升值），而 D 是政策错误，但不是关于连贯性。但实际上，所有主要货币同时对篮子升值与原题中所有货币同时贬值类似，都是不可能的。所以 A 正确。