请问A为什么不对？这个属于利率倒挂吗？远期小于近期

问题如下：

Assuming the term structure of yield volatility is downward sloping, which of the following conclusions is most appropriate?

选项：

Long-term rates are lower than short-term rates.

Short-term yields have greater volatility than long-term yields.

The price of short-term bonds always fluctuate more severe than long-term bonds.

解释：

B is correct.

Assuming the term structure of volatility is downward-sloping, the short-term yield will have more volatility than the long-term yield. However, the relationship between short-term rates and long-term rates can not be determined by the term structure of volatility. The bond price changes are products of two factors: the modified duration (convexity) of the bond, and the changes of the yield curve. So the price of short-term bonds may not always fluctuate more severe than long-term bonds.