BASED ON EXHIBIT 1 AND HCR’S ECONOMIC OUTLOOK, THE BOND MOST LIKELY CHOSEN FOR A SHORT POSITION IS

10. - CFA 2018 LEVEL 2 PORTFORLIO QUESTION BANK R50 ECONOMICS AND INVESTMENT MARKETS Q BANK
CFA 2018 LEVEL 2 PORTFORLIO QUESTION BANK R50 ECONOMICS AND INVESTMENT MARKETS Q BANK

10. Based on Exhibit 1 and HCR’s economic outlook, the bond most likely chosen for a short

position is:

A. Bond 1.

B. Bond 2.

C. Bond 3.