NO.PZ2020021601000013
问题如下：
Ivan Paulinic, an analyst at a large wealth management firm, meets with his supervisor to discuss adding financial institution equity securities to client portfolios.
Paulinic gathers data on three national banks that meet initial selection criteria but require further review.
All of the national banks under consideration primarily make long- term loans and source a significant portion of their funding from retail deposits. Paulinic and the rest of the research team note that the central bank is unwinding a long period of monetary easing as evidenced by two recent increases in the overnight funding rate. Paulinic informs his supervisor that:
Statement 1 Given the recently reported stronger- than- anticipated macroeconomic data, there is an imminent risk that the yield curve will invert.
Statement 2 N- bank is very active in the 30- day reverse repurchase agreement market during times when the bank experiences significant increases in retail deposits.
Based on Statement 1, the net interest margin for the three banks’ most likely will:
选项：
A. decrease.
B. remain unchanged.
C. increase.
解释：
A is correct.
A bank’s net interest margin represents the difference between interest earned on loans and other interest- bearing assets and the level of interest paid on deposits and other interest- bearing liabilities. Banks typically borrow money for shorter terms (retail deposits) and lend to customers for longer periods (mortgages and car loans). If the yield curve unexpectedly inverts, the short- term funding costs will increase and the net interest margin will most likely decrease (not remain unchanged or increase).
1.retail存款就代表短期存款是么？我之前的理解是retail只是散户的存款，有长有短。 2.基于题目种种看出短期借贷利率上升（隔夜利率上升），但从银行的B/S角度如何理解利润下降？我原本以为银行也会相应提高贷款利率和存款利率，然后我就无法判断这个题了......
