Silver expects a bear steepener; that is, long rates will rise faster than short rates. In a bear steepener, long rates rise faster than short rates in a non-parallel fashion. Given that the assets have lower convexity and dispersion than the liabilities, they will underperform; that is, the liabilities would change by a greater amount than the assets.
官网的一道题的解析。想问下。convexity大的是barbell，在steepen的时候表现更差。所以负债变的更小了，怎么跟convexity涨多跌少冲突了？？或者按照解析，负债变化更大，因为利率是上升的，是不是应该greater反而是好事，为啥答案认为这时候asset是underperform
