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Which of the following statements about the rationale for trading in the secondary bond market is least accurate? A. Altering the duration of a portfolio because of anticipated yield curve changes is labeled a curve adjustment trade. B. The popularity of credit-defense trades is not related to expected levels of economic uncertainty. C. The reason to engage in a sector-rotation trade is to shift out of a sector that is expected to underperform on a total return basis, and buy into a sector that is expected to outperform in total return. |