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Olivia.W🌸 · 2024年06月28日

这两个东西之间有什么关系没看懂

NO.PZ2023071902000079

问题如下:

QuestionThe spread between the overnight borrowing rate and the 10-year Treasury yield is most likely:

选项:

A.is a lagging economic indicator. B.

narrows when an economic decline is anticipated by the market.

C.

widens when the market forecasts a drop in future short-term interest rates.

解释:

Solution
  1. Incorrect, since leading economic indicators show pivotal shifts that typically come before the broader economic transitions. On the other hand, lagging economic indicators reveal turning points post those of the overarching economy. The interest rate gap between 10-year treasury yields and overnight borrowing rates acts as a forward-looking economic gauge.
  2. Correct, considering that long-term yields convey market sentiments about the trajectory of imminent short-term interest rates. As these rates eventually resonate with the cyclic economic shifts, a more expansive spread, forecasting a rise in short rates, also projects an economic rebound. In contrast, a tighter spread, foreseeing a drop in short rates, aligns with the projection of an economic slump.
  3. Incorrect, given that long-term yields mirror market projections on the course of imminent short-term interest rates. These rates inevitably align with the cyclical economic movements. An expansive spread, predicting an uptick in short rates, signals an impending economic surge. On the contrary, a constricted spread, forecasting a downturn in short rates, corresponds with an anticipated economic regression.
Understanding Business Cycles

A不正确,因为领先经济指标显示的关键转变通常在更广泛的经济转型之前出现。另一方面,滞后的经济指标显示了总体经济的转折点。10年期美国国债收益率与隔夜借款利率之间的息差是一项前瞻性经济指标。

B正确,考虑到长期收益率传达了市场对即将到来的短期利率走势的情绪。由于这些利率最终与周期性经济变化产生共鸣,预测短期利率上升的更大利差也预示着经济反弹。相比之下,利差收窄预示着短期利率下降,与经济衰退的预测一致。

C不正确,因为长期收益率反映了市场对即将到来的短期利率走势的预测。这些利率不可避免地与周期性经济运动保持一致。利差扩大预示着短期利率的上升,预示着即将到来的经济增长。相反,利差缩窄预示着短期利率的下滑,与预期的经济衰退相对 应。

这两个东西之间有什么关系没看懂

利差又是啥

1 个答案

笛子_品职助教 · 2024年06月28日

嗨,努力学习的PZer你好:


这两个东西之间有什么关系没看懂 利差又是啥

利差 = 10年期国债利率 - 隔夜借贷利率。

同学可以理解为长期利率 - 短期利率,这个spread可以理解为term premium。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2023071902000079 问题如下 QuestionThe sprebetween the overnight borrowing rate anthe 10-yeTreasury yielis most likely: A.is a lagging economic incator. B.narrows when economic cline is anticipatethe market. C.wins when the market forecasts a op in future short-term interest rates. SolutionIncorrect, sinleang economic incators show pivotshifts thtypically come before the broar economic transitions. On the other han lagging economic incators reveturning points post those of the overarching economy. The interest rate gbetween 10-yetreasury yiel anovernight borrowing rates acts a forwarlooking economic gauge.Correct, consiring thlong-term yiel convey market sentiments about the trajectory of imminent short-term interest rates. these rates eventually resonate with the cyclic economic shifts, a more expansive sprea forecasting a rise in short rates, also projects economic reboun In contrast, a tighter sprea foreseeing a op in short rates, aligns with the projection of economic slump.Incorrect, given thlong-term yiel mirror market projections on the course of imminent short-term interest rates. These rates inevitably align with the cycliceconomic movements. expansive sprea precting uptiin short rates, signals impenng economic surge. On the contrary, a constrictesprea forecasting a wnturn in short rates, correspon with anticipateeconomic regression.Unrstanng Business Cycles•A不正确,因为领先经济指标显示的关键转变通常在更广泛的经济转型之前出现。另一方面,滞后的经济指标显示了总体经济的转折点。10年期美国国债收益率与隔夜借款利率之间的息差是一项前瞻性经济指标。B正确,考虑到长期收益率传达了市场对即将到来的短期利率走势的情绪。由于这些利率最终与周期性经济变化产生共鸣,预测短期利率上升的更大利差也预示着经济反弹。相比之下,利差收窄预示着短期利率下降,与经济衰退的预测一致。C不正确,因为长期收益率反映了市场对即将到来的短期利率走势的预测。这些利率不可避免地与周期性经济运动保持一致。利差扩大预示着短期利率的上升,预示着即将到来的经济增长。相反,利差缩窄预示着短期利率的下滑,与预期的经济衰退相对 应。 这个不是长期减短期吗?那短期变少了不应该这个sprea变大了吗?sprea大不是好事吗

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