问题如下：
Wang is a fixed-income analyst in a wealth management firm. He expects the yield curve will remain stable over the next 12 months. Suppose the investment horizon is 1-year and there are two strategies at the moment. The first one is to apply buy and hold strategy using the government bonds and the second is to buy a 2-year government bond and invest for 1-year. The relevant information is shown below:
According to the information above, what is the implied forward rate F(1,1)?
选项：
A.3.36%
B.3.84%
C.3.11%
解释：
B is correct
考点：使用Riding the yield curve策略时收益率曲线的理解
解析：当前状态下，1年期债券的YTM是2.88%，2年期债券的YTM是3.36%，则F(1,1)等于：
(1+2.88%)[1+F(1,1)]=(1+3.36%)^2
F(1,1)=3.84%
老师好
请问本题为什么会由ytm推出远期利率呢？远期利率应该由即期利率推出才对啊？ytm更像是即期利率的一个平均值，本题中2年期债券是coupon的，所以ytm2不应该直接等同于Spot2啊？求解惑？
