单选题 Which of the following yields least likely represents a spot rate? A. 91-day Treasury bill holding yield. B. 2-year Treasury inflation protected security yield. C. 5-year Treasury principal strip yield.

【正确答案】 B

【答案解析】A spot rate is the appropriate discount rate for a security that makes a single payment in the future. Treasury bills and Treasury strips promise a single future cash flow and their yields represent spot rates. Treasury inflation protected securities (TIPS) have coupon cash flows, so a 2 year TIPS yield is not a spot rate.