问题如下：
4. The recent change in Country #3’s breakeven inflation rate suggests that the expected rate of inflation over the next three years is:
选项：
A.less than 2.0%.
B.equal to 2.0%.
C.greater than 2.0%.
解释：
A is correct.
The difference, or spread, between the yields on the country’s three-year default-free nominal and on the default-free real zero-coupon bonds is 2.0%. This spread is known as the breakeven rate of inflation (BEI), which is composed of the expected rate of inflation plus a risk premium for the uncertainty of future inflation. Because this risk premium component is most likely positive, because investors are unlikely to be very confident in their ability to predict inflation accurately, the expected rate of inflation component would be less than 2.0%.
考点：breakeven rate of inflation (BEI)
解析：3 year default-free nominal bond与 default-free real zero-coupon bonds的利差是breakeven inflation rate，根据正文，breakeven inflation rate=2%。
而breakeven inflation rate=expected inflation + risk premium for the uncertainty of future inflation,通常认为risk premium for uncertainty of fututre infaltion是正的，因为不确定性即是风险，对于风险要给予补偿，补偿通常是正的，所以这道题的expected inflation return<2%。
老师好 题目里给的COUNTRY 3 的inflation rate 0,02 是expected inflation rate 是吗 ,if breakeven inflation = 0.02, then unexpected inflation = breakeven inflation - expected inflation rate = 0.02-0.02 = 0 是吗? 谢谢。
