NO.PZ202209060200004504
问题如下：
Is West’s two-section report regarding the top-down approach most likely correctly structured?选项：
A.No, she is incorrect with respect to the risk measurement factors. B.Yes C.No. She is incorrect with respect to the macro factors.解释：
SolutionC is correct. West is incorrect with respect to the macro factors. Key rate durations do not form a macro factor used in the top-down approach to select securities or sectors using relative value. Key rate durations are used by a portfolio manager to measure a portfolio’s exposures to non-parallel yield curve changes.
A is incorrect because West is correct regarding the risk measurements.
B is incorrect because West is incorrect regarding macro factors.
原文写：macro factors that she considers relevant for credit investing and includes corporate profitability, economic growth, currency movements, changes in expected market volatility, key rate durations, and default rates.
解析里只说KRD不属于macro factor,但我觉得corporate profitability ,default rates也都不是宏观层面的，都是公司个体层面的，对吗？
