问题如下图：
选项：
A. 
B. 
C. 
解释：请问老师，future spot rate 和forward rate 的关系是怎样的？
NO.PZ2018123101000043 问题如下 Exhibit 1 shows the current government spot rates for Countries anC.Tyo presents her market views on the respective yielcurves for a five-yeinvestment horizon.Country -The government yielcurve hchangelittle in terms of its level anshape ring the last few years, anI expethis trento continue. We assume thfuture spot rates reflethe current forwarcurve for all maturities.-Country -Because of recent economic tren, I expea reversin the slope of the current yielcurve. We assume thfuture spot rates will higher thcurrent forwarrates for all maturities.-Country -To improve liquity, Country C’s centrbank is expecteto intervene, leang to a reversin the slope of the existing yielcurve. We assume thfuture spot rates will lower thtoy’s forwarrates for all maturities.-Baseon Exhibit 1 anTyo’s expectations for the yielcurves, Tyo most likely perceives the bon of whicountry to fairly value Country Country Country A is correct.考点ForwarCurve: ForwarPricing Mol解析对于A国收益率曲线的变动，Tyo预测未来的spot rate，即Future spot rate等于现在时刻的Forwarrate。即未来的利率将会实现当前时刻的Forwarrate。这一预期意味着A国的债券估值合理，因为当前市场，对债券未来现金流使用的折现率，与Tyo预期的折现率一致，因此债券价格定价合理。B和C不正确，因为Tyo对两个国家的spot rate曲线的预期与当前时刻反映的Forwarrate不同。对于B国，她预计未来的Spot rate，即Future spot rate将高于当前市场用来折现债券现金流的Forwarrate，因此在Tyo眼中，当前的债券价格使用了过低的折现率，债券价格是被高估的。对于C国，她预计未来的Spot rate将低于当前forwarrate；因此，她认为C国债券市场当前使用了过大的折现率，因此C国债券被低估。 题目中的三个结论都是什么意思，想表达什么呢？为啥选择a 不懂。
C说反转了，而且C的forwar rate大于spot rate. A说等于spot rate.
看不懂B,C的，高估低估的，计算债券价格用哪个折现率？
