问一道题：NO.PZ201612170200000405

问题如下：

5. Which of Silveira’s statements concerning the Fed and Yardeni models is correct?

选项：

Statement 3 only

Statement 4 only

Both Statement 3 and Statement 4

解释：

C is correct. The Fed model considers the equity market to be undervalued when the market’s current earnings yield is greater than the 10-year Treasury bond yield. The Yardeni model incorporates the consensus five-year earnings growth rate forecast for the market index, a variable missing in the Fed model.