问题如下：
The following statements are about the popular
money market investment instruments, which of the following statements is NOT
correct?
选项：
A. Treasury bills must mature
within one year from date of issue
For short-term treasury notes and bonds within
one year of maturity, they should have the same expected return as the T-bill
of the same maturity.
For treasury bills, market prices are
relatively stable, readily marketable and can serve as collateral for other
funds.
Federal
Agency Securities is issued by agencies owned (sponsored) by federal government
解释：
考点：对Instruments Available to Financial
Firms的理解
答案：B
解析：
选项B错误，对于一年以内的Notes或者Bonds，即便他们的期限与T-bill一致，预期收益也比T-bill高。关于B选项正确的表述为：As
they are more sensitive to interest rate risk and less marketable than T-bills,
their expected returns are usually higher than for bills.
为什么期限一样的t-bond会比t-bill收益率高呢
