第一题 a错在哪里 active

Statement 3 To derive probabilities of Federal Reserve interest rate actions, market participants look at the pricing of fed funds futures, which are tied to the Federal Reserve's target fed funds rate. 请老师解释这里的关系。

最后一题 top down错在哪里

第一题的b， 题目说是passive 不应该是有效市场吗

老师曾经说过basis是spot-future,跟这里的basis risk有关系吗？ 该怎么理解basis risk？

为什么在 early expansion phase of the business cycle, monetary policy is becoming less stimulative？

When two currencies are pegged or linked, the bond yields of the country with the weaker currency are likely to rise higher unless the market is confident that the government will maintain the peg. 怎么理解这句话

If a country’s exchange rate is severely undervalued and is expected to rise substantially against another country’s, then bond yields in the first country will be lower than they would otherwise be in relation to the other country. 这是为啥？

Board member Arnold Brown asks O’Reilly about the use of high-frequency (daily) data in developing capital market expectations. O’Reilly answers, “Sometimes it is necessary to use daily data to obtain a data series of the desired length. Ironically, high-frequency data improves the precision of sample variances, covariances, and correlations but not the precision of the sample mean. High-frequency data are more sensitive to asynchronism across variables.”怎么理解关于high-frequency (daily) data 这段话？

Special situation 特殊情景投资也可以包括兼并收购吗