2025 CFA Level II Exam: Topic 9. Portfolio Management - Learning Module 37. Economics and Investment Markets

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	1. Framework for the Economic Analysis of Financial Markets explain the relationship between the long-term growth rate of the economy, the volatility of the growth rate, and the average level of real short-term interest rates;
	2. Default-Free Interest Rates and Economic Growth explain how the phase of the business cycle affects policy and short-term interest rates, the slope of the term structure of interest rates, and the relative performance of bonds of differing maturities; describe the factors that affect yield spreads between non-inflation-adjusted and inflation-indexed bonds;
	3. The Yield Curve and the Business Cycle explain how the phase of the business cycle affects credit spreads and the performance of credit-sensitive fixed-income instruments; explain how the characteristics of the markets for a company's products affect the company's credit quality;
	4. Credit Premiums and the Business Cycle explain how the phase of the business cycle affects short-term and long-term earnings growth expectations; explain the relationship between the consumption hedging properties of equity and the equity risk premium; describe cyclical effects on valuation multiples;
	5. Equities and the Equity Risk Premium describe the economic factors affecting investment in commercial real estate.
	6. Commercial Real Estate describe how value added by active management is measured;

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