单选题

Which of the following statements regarding the term structure of interest rates is least accurate?（）

A、 Under the market segmentation theory, a flat yield curve is likely to become positively sloped if the demand for long-term bonds exceeds supply and if the supply of short-term bonds exceeds demand.
B、 Forward interest rates are the best estimates of future short-term interest rates under the pure expectations theory.
C、 The observed yield curve likely contains elements of liquidity preference, market segmentation, and expectations theories.

【正确答案】 A

【答案解析】

The market segmentation theory states that the shape of the yield curve is determined by the supply and demand for bonds within certain market segments. If the demand for long-term bonds exceeds supply, prices will be forced up and yields down. Hence a large demand for long bonds could force a downward-sloping yield curve.