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I don't agree. Regardless, there is a question that is similar to this topic in the CFAI Volume 4 page 149 #9. It was driving me crazy earlier today beccause I couldn't understand the answer, so worth checking out.

Basically they say yield curve is inverted and ST yield is used, and ask what happens to the ERP. But the answer makes no sense to me, as they invoke inflation too.

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