NO.PZ201812020100000704
问题如下：
Which yield curve forecast will most likely result in the highest profit for Hirji’s proposed duration-neutral trades?
选项：
A. Increase in curvature
B. Decrease in curvature
C. Parallel downward shift
解释：
A is correct.
The trades are also called a condor and employ four positions, much like a butterfly with an elongated body. Each pair of duration-neutral trades would result in a profit if the yield curve adds curvature. The trades at the short end of the curve (going long the 1-year bond and short the 3-year bond) would profit if that end of the curve gets steeper. In addition, the trades at the long end of the curve (going short the 10-year bond and long the long-term bond) would profit if that end of the curve becomes flatter.
什么时候是增加curvature，什么时候是降低curvature？我记得课上老师说，翅膀向下的时候是增加curvature，翅膀向下煽动的时候是降低curvature，这个记忆对嘛？我印象中说是negative和positive现在的说法和过去的说法不一样了，增加和减少与negative和positive之间有关系嘛？我
