NO.PZ2023090801000010
问题如下：
Which of the following statements best describes the relative performance of HY bonds over the economic cycle?
选项：
A.HY bonds often have lower correlation with IG bonds and default riskfree interest rates.
HY bond and equity prices tend to fluctuate similarly over the economic cycle, but HY bond returns exhibit more stability given their smaller income component versus stocks.
C.Economic recovery or improved issuer-specific performance often has a similar positive impact on HY and IG bond prices.
解释：
A is correct. B is incorrect since HY exhibit more stability due to a higher income component versus stocks. C is incorrect since economic recovery or improved issuer-specific performance usually has a greater positive impact on HY versus IG bond prices.
HY 的default interest rate 不是应该更高吗？
