可以讲一下这道题吗

问题如下：

You should conclude that Bond Z is currently:

选项：

undervalued

fairly valued

overvalued

解释：

Correct Answer: A

Alexander projects that the spot curve two years from today will be below the current forward curve, which implies that her expected future spot rates beyond two years will be lower than the quoted forward rates. Alexander would perceive Bond Z to be undervalued in the sense that the market is effectively discounting the bond’s payments at a higher rate than she would and the bond5s market price is below her estimate of intrinsic value.