NO.PZ201701230200000102
问题如下：
2. Based on Exhibit 1, the market is most likely expecting:
选项：
A.deflation
B.inflation
C.no risk premiums
解释：
B is correct.
The spot rates imply an upward-sloping yield curve, r(3) > r(2) > r(l). Because nominal yields incorporate a premium for expected inflation, an upward-sloping yield curve is generally interpreted as reflecting a market expectation of increasing, or at least level, future inflation (associated with relatively strong economic growth).
通货膨胀不是发生在利润下降的时候吗？为什么利率上升也会预期通货膨胀？
