L 3 Yield curve 问题 expected, relative, returns, should

cchang

Notes第五本 P44 "Changes in asset class expected returns" 中最后一句提到"if the yeld curve is steep, bonds should perform well relative to cash" 请问老师这是为什么, 请指教. 多谢

smuggycfa

Steepening yield curve means that the yield on bond will become higher, and thus we will earn more yield than cash if we allocate more on bond.