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Basic Question 1 of 5
When credit spreads are narrowing relative to government bonds, which type of bonds will tend to perform the best?
B. Higher-rated corporate bonds
C. Lower-rated corporate bonds
A. Government bonds
B. Higher-rated corporate bonds
C. Lower-rated corporate bonds
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Learning Outcome Statements
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;
CFA® 2026 Level II Curriculum, Volume 6, Module 37.