想法可能有点绕

问题如下：

One interpretation of an upward sloping yield curve is that the returns to short-dated bonds are:

选项：

A.

uncorrelated with bad times.

B.

more positively correlated with bad times than are returns to long-dated bonds.

C.

more negatively correlated with bad times than are returns to long-dated bonds.

解释：

One interpretation of an upward sloping yield curve is that returns to short-dated bonds are more negatively correlated with bad times than are returns to long-dated bonds. This interpretation is based on the notion that investors are willing to pay a premium and accept a lower return for short-dated bonds if they believe that long-dated bonds are not a good hedge against economic “bad times”.