问一道题：NO.PZ2015121810000043 [ CFA II ]

NO.PZ2015121810000043问题如下Whiof the following financiassets is likely to offer the most effective hee against bconsumption outcomes?A.Equities.B.Short-te fault-free government bon.C.Long-te fault-free government bon.B is correct.The relative certainty about the repayoff from short-te fault-free government bon, antherefore the relative certainty about the amount of consumption ththe investor will able to unrtake with the payoff, incates thinvestment in subon woula goohee against bconsumption outcomes. 考点fault-free interest rates aneconomic growth解析consumption outcomes可以理解为实体经济，所以问的是哪一个可以对冲实体经济衰退。那就是短期国债。因为经济差，股票表现也差，A错。而相对于长期国债，短期国债风险更小，所以短期国债是比较好的对冲经济衰退的工具。隐约记得有见过，经济变差，短期利率上升，长期影响不大么？短期上升不就是更受欢迎？

NO.PZ2015121810000043问题如下Whiof the following financiassets is likely to offer the most effective hee against bconsumption outcomes?A.Equities.B.Short-te fault-free government bon.C.Long-te fault-free government bon.B is correct.The relative certainty about the repayoff from short-te fault-free government bon, antherefore the relative certainty about the amount of consumption ththe investor will able to unrtake with the payoff, incates thinvestment in subon woula goohee against bconsumption outcomes. 考点fault-free interest rates aneconomic growth解析consumption outcomes可以理解为实体经济，所以问的是哪一个可以对冲实体经济衰退。那就是短期国债。因为经济差，股票表现也差，A错。而相对于长期国债，短期国债风险更小，所以短期国债是比较好的对冲经济衰退的工具。我是这样思考长期国债的，相对于短期国债长期国债的久期更高，因此当央行降低利率的时候，长期国债价格变化，也就是上涨的更多从资本利得的角度来说，投资长期国债，由于价格上涨可以获得更多的收益，因此我会觉得是更好的对冲工具就是收益能拿得更多了，请问为什么我这样想不对呢而要选择短期。

NO.PZ2015121810000043问题如下Whiof the following financiassets is likely to offer the most effective hee against bconsumption outcomes?A.Equities.B.Short-te fault-free government bon.C.Long-te fault-free government bon.B is correct.The relative certainty about the repayoff from short-te fault-free government bon, antherefore the relative certainty about the amount of consumption ththe investor will able to unrtake with the payoff, incates thinvestment in subon woula goohee against bconsumption outcomes. 考点fault-free interest rates aneconomic growth解析consumption outcomes可以理解为实体经济，所以问的是哪一个可以对冲实体经济衰退。那就是短期国债。因为经济差，股票表现也差，A错。而相对于长期国债，短期国债风险更小，所以短期国债是比较好的对冲经济衰退的工具。government bonrisk premium are positive anrelateto the consumption heing benefit of government bon句话是什么意思，怎么理解呢?

NO.PZ2015121810000043 “而相对于长期国债，短期国债风险更小” - 题目都说了是fault-free了，为什么还有风险？

为什么不是长期呢呢呢呢