问题如下图：
这个investor是UK based 然后投了US Treasury bond,
这个为什么不是 inter market carry trade?
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2019年01月11日
题干信息问的是去年使用的策略；题目中和去年投资的相关信息为：
One year ago, given her expectations of a stable yield curve over the coming 12 months and noting that the yield curve was upward sloping, McLaughlin elected to position her portfolio solely in 20-year US Treasury bonds with a coupon rate of 4% and a price of 101.7593, with the expectation of selling the bonds in one year at a price of 109.0629. McLaughlin expected the US dollar to depreciate relative to the British pound by 1.50% during the year. McLaughlin chose the 20-year Treasury bonds because they were on the steepest part of the yield curve.
从题干的描述中看，首先看到题干是Upward sloping，并且Stable的Curve，所以知道是做收益率稳定情况下的策略；所以直接排除B选项。
其次，看加黑字体的描述，是买一个长期债券，持有12个月，期望会以更高的价格卖出；所以直接按这个描述，知道是做riding the yield curve
carry trade涉及到借一个利率和投资一个利率，涉及Long/Short头寸；本题题干的头寸只是Long bond；
NO.PZ201812020100000601 carry tra 的条件不也是stable anupwaryielcurve吗？为什么只能是ring the yielcurve呢？是因为这里说单独只投资在20年的国债上吗？
a barbell structure. ring the yielcurve. C is correct. Last year, McLaughlin expectethe yielcurve to stable over the year. Ring the yielcurve is a strategy baseon the premise that, a bonages, it will cline in yielif the yielcurve is upwarsloping. This is known \"roll wn\"; this, the bonrolls wn the (staticurve. Ring the yielcurve ffers from buy anholin ththe manager is expecting to a to returns selling the security a lower yielthe horizon. This strategy mparticularly effective if the portfolio manager targets portions of the yielcurve thare relatively steep anwhere priappreciation resulting from the bons migration to maturity csignificant. McLaughlin electeto position her portfolio solely in 20-yeTreasury bon, whireflethe steepest part of the yielcurve, with the expectation of selling the bon in one year. 老师，请问为什么用heereturn 来统一local currency，为什么可以规避currenrisk?
a barbell structure. ring the yielcurve. C is correct. Last year, McLaughlin expectethe yielcurve to stable over the year. Ring the yielcurve is a strategy baseon the premise that, a bonages, it will cline in yielif the yielcurve is upwarsloping. This is known \"roll wn\"; this, the bonrolls wn the (staticurve. Ring the yielcurve ffers from buy anholin ththe manager is expecting to a to returns selling the security a lower yielthe horizon. This strategy mparticularly effective if the portfolio manager targets portions of the yielcurve thare relatively steep anwhere priappreciation resulting from the bons migration to maturity csignificant. McLaughlin electeto position her portfolio solely in 20-yeTreasury bon, whireflethe steepest part of the yielcurve, with the expectation of selling the bon in one year. 老师，不太明白何璇老师讲的，在intra-market carry tra 中futures的FP=(P-PVC)(1+r)的T次方，为什么要减掉PVC?
a barbell structure. ring the yielcurve. C is correct. Last year, McLaughlin expectethe yielcurve to stable over the year. Ring the yielcurve is a strategy baseon the premise that, a bonages, it will cline in yielif the yielcurve is upwarsloping. This is known \"roll wn\"; this, the bonrolls wn the (staticurve. Ring the yielcurve ffers from buy anholin ththe manager is expecting to a to returns selling the security a lower yielthe horizon. This strategy mparticularly effective if the portfolio manager targets portions of the yielcurve thare relatively steep anwhere priappreciation resulting from the bons migration to maturity csignificant. McLaughlin electeto position her portfolio solely in 20-yeTreasury bon, whireflethe steepest part of the yielcurve, with the expectation of selling the bon in one year. 老师，请问carry tra 中的intra-market为什么有interest rate risk？我知道是长期利率减去短期利率，但假设不是stable yielcurve 吗？收益率不变呀，为什么会有interest rate risk?
老师好，最有一句话中的McLaughlin electeto position her portfolio solely in 20-yeTreasury bon, whireflethe steepest part of the yielcurve, with the expectation of selling the bon in one year. 如何 reflethe steepest part of the yielcurve 的呢？如何理解？