2年期的rate

问题如下：

Using the yield curve forecast shown in Exhibit 1, which portfolio strategy should Donaldson recommend for the year ahead?

选项：

The bullet portfolio

The barbell portfolio

The laddered portfolio

解释：

B is correct.

McLaughlin expects the yield curve to experience an increase in the butterfly spread, with the 30-year yield remaining unchanged, which implies that the yield curve will increase its curvature, pinned at the 30-year yield, as shown in Exhibit 1. The barbell portfolio, consisting of 2-year and 30-year bonds, would be expected to perform best. Although the two-year rate is expected to increase, the effective duration of two-year bonds is quite small, resulting in minimal price impact. Similarly, the 30-year yield is expected to remain constant, resulting in minimal price impact as well. Relative to the barbell portfolio, the laddered portfolio has greater exposure to the expected increases in the 5-year and 10-year yields, and the bullet portfolio has greater exposure to the expected increase in the 10-year yield. Therefore, the barbell portfolio would be expected to perform best given McLaughlin’s interest rate expectations.

这里2年期的rate是上升的，那么不就UNDERPERFORM嘛？30年的RATE 又不变，所以不就应该选BULLET 嘛？