NO.PZ202309170100003402
问题如下：
A week later, real yields increase by 10bps and the market’s expectation of inflation decreases by 10bps. Which of the following statements correctly describes the impact on the aggregate portfolio resulting from these changes?
选项：
A.Since the increase in the real yield perfectly offsets the decrease in expected inflation, there is no impact.
B.Since the DV01-neutral hedge immunizes the position against small changes in expected inflation and real yields, there is no impact.
C.Since the DV01-neutral hedge immunizes the portfolio against small changes in the spread between nominal and real yields, there is no impact.
D.Since changes in the real yield and the nominal yield are not one-to-one, there is an impact.
解释：
1.TIPS的原理是啥？和real rate挂钩，而不是inflation吗？普通债券的折现率都是nominal rate吗？
2.老师能讲一下这题对冲的原理吗？
TIPS是inflation 增长，债券本金跟着涨？inflation增长，货币贬值，r下降？
国债也是r下降，债券价格提高？
两者duration是相同的符号，所以要long 一个 short一个对冲？
