老师麻烦帮忙看看这样回答对不对

NO.PZ202105270100000202 问题如下 JCamis chief market strategist a US asset management firm. While preparing a report for the upcoming investment committee meeting, Camuptes her long-term forecast for US equity returns. input into her forecasting mol, she uses the following long-term annualizeforecasts from the firm’s chief economist: Labor input will grow 0.5%. Labor proctivity will grow 1.3%. Inflation will 2.2%. vinyielwill 2.8%. Baseon these forecasts, Camprects a long-term 9.0% annuequity return in the US market. Her forecast assumes no change in the share of profits in the economy, anshe expects some contribution to equity returns from a change in the price-to- earnings ratio (P/E). the investment committee meeting, the firm’s chief economist prects ththe economy will enter the late expansion phase of the business cycle in the next 12 months.scuss, baseon the chief economist’s prection, the implications for the following:i. Bonyielii. Equity returnsiii. Short-term interest rates Bonyiel:In the late expansion phase of the business cycle, bonyiel are usually rising but more slowly thshort-term interest rates are, so the yielcurve flattens. Private sector borrowing puts upwarpressure on rates while fiscbalances typically improveEquity returns :In the late expansion phase of the business cycle, stocks typically rise but are subjeto high volatility investors become nervous about the restrictive monetary poliansigns of a looming economic slowwn. Cyclicassets munrperform while inflation hees, sucommoties, outperform.Short-term interest rates :In the late expansion phase of the business cycle, short-term interest rates are typically rising monetary polibecomes restrictive because the economy is increasingly in nger of overheating. The centrbank maim for a soft lanng 债券收益率:在商业周期的后期扩张阶段，债券收益率通常会上升，但比短期利率上升的速度要慢，因此收益率曲线会变平。私人部门给借贷给利率带来上行压力，而财政平衡通常会改善。股权回报率:在商业周期扩张的后期阶段，股市通常会上涨，但由于投资者对限制性货币政策和经济放缓迹象感到紧张，股市会出现高波动性。周期性资产可能表现不佳，而通胀对冲资产，如大宗商品，则表现出色。短期利率:在商业周期的后期扩张阶段，由于经济日益面临过热的危险，货币政策变趋紧，短期利率通常会上升。央行可能以软着陆为目标。 Chief economist prects ththe economy will enter the late expansion phase of the business cycle in the next 12 months. i. Bonyiel: In late expansion, the yielcurve woulmore flatten. Sinthe restrictive monetary polihbeen applie the short term rate increase more ththe long term rate.ii. Equity returns: Coulmore volatile because investors worrieabout the future restrictive polianthe loom of economics.iii. Short-term interest ratesShort-term is increasing e to the restrictive monetary policy

NO.PZ202105270100000202问题如下 the investment committee meeting, the firm’s chief economist prects ththe economy will enter the late expansion phase of the business cycle in the next 12 months.scuss, baseon the chief economist’s prection, the implications for the following:i. Bonyielii. Equity returnsiii. Short-term interest rates Bonyiel:In the late expansion phase of the business cycle, bonyiel are usually rising but more slowly thshort-term interest rates are, so the yielcurve flattens. Private sector borrowing puts upwarpressure on rates while fiscbalances typically improveEquity returns :In the late expansion phase of the business cycle, stocks typically rise but are subjeto high volatility investors become nervous about the restrictive monetary poliansigns of a looming economic slowwn. Cyclicassets munrperform while inflation hees, sucommoties, outperform.Short-term interest rates :In the late expansion phase of the business cycle, short-term interest rates are typically rising monetary polibecomes restrictive because the economy is increasingly in nger of overheating. The centrbank maim for a soft lanng 债券收益率:在商业周期的后期扩张阶段，债券收益率通常会上升，但比短期利率上升的速度要慢，因此收益率曲线会变平。私人部门给借贷给利率带来上行压力，而财政平衡通常会改善。股权回报率:在商业周期扩张的后期阶段，股市通常会上涨，但由于投资者对限制性货币政策和经济放缓迹象感到紧张，股市会出现高波动性。周期性资产可能表现不佳，而通胀对冲资产，如大宗商品，则表现出色。短期利率:在商业周期的后期扩张阶段，由于经济日益面临过热的危险，货币政策变趋紧，短期利率通常会上升。央行可能以软着陆为目标。 Given the prection of the economy will enter the late swing phase, the implication for the bonyiel will cline short term interest rates rising more ththe long term interest rates anthe yielcurve went flattening. The equity returns will rise but volatile, The short term interest rates rise. 另外看到标准答案里基本上把何老师课上这个阶段里capitmarket里各类资产表现都说全了，考试时需要说额外的答案吗？要求把所有资产类型和影响答全了？

NO.PZ202105270100000202 问题如下 the investment committee meeting, the firm’s chief economist prects ththe economy will enter the late expansion phase of the business cycle in the next 12 months.scuss, baseon the chief economist’s prection, the implications for the following:i. Bonyielii. Equity returnsiii. Short-term interest rates Bonyiel:In the late expansion phase of the business cycle, bonyiel are usually rising but more slowly thshort-term interest rates are, so the yielcurve flattens. Private sector borrowing puts upwarpressure on rates while fiscbalances typically improveEquity returns :In the late expansion phase of the business cycle, stocks typically rise but are subjeto high volatility investors become nervous about the restrictive monetary poliansigns of a looming economic slowwn. Cyclicassets munrperform while inflation hees, sucommoties, outperform.Short-term interest rates :In the late expansion phase of the business cycle, short-term interest rates are typically rising monetary polibecomes restrictive because the economy is increasingly in nger of overheating. The centrbank maim for a soft lanng 债券收益率:在商业周期的后期扩张阶段，债券收益率通常会上升，但比短期利率上升的速度要慢，因此收益率曲线会变平。私人部门给借贷给利率带来上行压力，而财政平衡通常会改善。股权回报率:在商业周期扩张的后期阶段，股市通常会上涨，但由于投资者对限制性货币政策和经济放缓迹象感到紧张，股市会出现高波动性。周期性资产可能表现不佳，而通胀对冲资产，如大宗商品，则表现出色。短期利率:在商业周期的后期扩张阶段，由于经济日益面临过热的危险，货币政策变趋紧，短期利率通常会上升。央行可能以软着陆为目标。 iii. Short-term interest rates will perform best. Because in the late expansion phase, short-term interest rate will increase anwe cmake the short-term interest rates bearing investment.i. Bonwill not chosen because the long-term interest rate will increase in the late expansion phase whiwill cause the pricreasement anlow expectereturn.ii.Equity returns will low because the economy will slow wn.

NO.PZ202105270100000202 问题如下 the investment committee meeting, the firm’s chief economist prects ththe economy will enter the late expansion phase of the business cycle in the next 12 months.scuss, baseon the chief economist’s prection, the implications for the following:i. Bonyielii. Equity returnsiii. Short-term interest rates Bonyiel:In the late expansion phase of the business cycle, bonyiel are usually rising but more slowly thshort-term interest rates are, so the yielcurve flattens. Private sector borrowing puts upwarpressure on rates while fiscbalances typically improveEquity returns :In the late expansion phase of the business cycle, stocks typically rise but are subjeto high volatility investors become nervous about the restrictive monetary poliansigns of a looming economic slowwn. Cyclicassets munrperform while inflation hees, sucommoties, outperform.Short-term interest rates :In the late expansion phase of the business cycle, short-term interest rates are typically rising monetary polibecomes restrictive because the economy is increasingly in nger of overheating. The centrbank maim for a soft lanng 债券收益率:在商业周期的后期扩张阶段，债券收益率通常会上升，但比短期利率上升的速度要慢，因此收益率曲线会变平。私人部门给借贷给利率带来上行压力，而财政平衡通常会改善。股权回报率:在商业周期扩张的后期阶段，股市通常会上涨，但由于投资者对限制性货币政策和经济放缓迹象感到紧张，股市会出现高波动性。周期性资产可能表现不佳，而通胀对冲资产，如大宗商品，则表现出色。短期利率:在商业周期的后期扩张阶段，由于经济日益面临过热的危险，货币政策变趋紧，短期利率通常会上升。央行可能以软着陆为目标。 麻烦老师看看我主观题的答案，是否回答到点上。谢谢i. Bonyiel: the bonyielis equto the long-term interest rate. it will increase. The reason is restrictive monetary ploliis applieanshort-term interest rate keeps increasing. Long-term interest rate is the expectefuture patof short-term interest rate. the short-term interest rate will increase, Bonyiel will increase.2.Equity returns: it will crease. the economy will hit the peanwill slow wn in next phase, the short-term interest rate keep increasing anthis will increase the investment cost anequtiy return will crease.3. Short-term interest rates: it will increase. The economy is close to overheanthe centrbank will apply restrictive polito soft laneconomy. Short-term interest rates is very sensitive to the monetary policy.

NO.PZ202105270100000202 问题如下 the investment committee meeting, the firm’s chief economist prects ththe economy will enter the late expansion phase of the business cycle in the next 12 months.scuss, baseon the chief economist’s prection, the implications for the following:i. Bonyielii. Equity returnsiii. Short-term interest rates Bonyiel:In the late expansion phase of the business cycle, bonyiel are usually rising but more slowly thshort-term interest rates are, so the yielcurve flattens. Private sector borrowing puts upwarpressure on rates while fiscbalances typically improveEquity returns :In the late expansion phase of the business cycle, stocks typically rise but are subjeto high volatility investors become nervous about the restrictive monetary poliansigns of a looming economic slowwn. Cyclicassets munrperform while inflation hees, sucommoties, outperform.Short-term interest rates :In the late expansion phase of the business cycle, short-term interest rates are typically rising monetary polibecomes restrictive because the economy is increasingly in nger of overheating. The centrbank maim for a soft lanng 债券收益率:在商业周期的后期扩张阶段，债券收益率通常会上升，但比短期利率上升的速度要慢，因此收益率曲线会变平。私人部门给借贷给利率带来上行压力，而财政平衡通常会改善。股权回报率:在商业周期扩张的后期阶段，股市通常会上涨，但由于投资者对限制性货币政策和经济放缓迹象感到紧张，股市会出现高波动性。周期性资产可能表现不佳，而通胀对冲资产，如大宗商品，则表现出色。短期利率:在商业周期的后期扩张阶段，由于经济日益面临过热的危险，货币政策变趋紧，短期利率通常会上升。央行可能以软着陆为目标。 不太理解，应该不重要。但是，感觉现在还有时间，就问问哈。辛苦老师。