组合经典题经济差yield curve上升

经济好的时候收益率曲线比经济差的时候更加平坦。只能说在the late stages of a business expansion ，收益率曲线是向下倾斜的，接下来经济会进入衰退阶段。

基础班讲义第123页有这个结论。

•A recession is often preceded by a flattening, or even an inversion, in the yield curve. In general, the late stages of a business expansion are often characterized by a peak in inflation and thus relatively high short-term interest rates. An inverted yield curve is often read as being a predictor of recession.

是的，这道题的题干问的是一种合理的解释，所以我们要结合答案来看，答案里都是在探讨bad time。

其实这是cfa出题的习惯表达方式，很多选项都是选出合理的解释，并不是完美解释，要慢慢习惯CFA考试和国内考试的这个区别。

同学你好！何老师说的不是这句话吧？经济差的时候，央行会降息，降息对短期利率影响更大，所以yield curve变得更加陡峭。