CFA III Reading 15里面 monetary policy & Fiscal policy 对 yield curve 我们课上有讲到 loose fiscal policy -> (long-term interest rate up) and Tight Monetary policy (short-term rate up) 会导致 yield curve flat.
然而在押题班里 Fixed income里面 14.Curve adjustment trades 我们有讲到 flattening of the yield curve -> long-term interest rate down. 这里面有冲突概念。
我个人从经济学角度理解， flat yield curve -> economy slow down - expected short-term interest rate tends to decrease。 我记得您基础班有讲到说，政府刺激财政政策，所以造成Long-term rate 反倒升了 因为钱都借出去了，后面再借不好借了。
