Chesepeake CFAI Mock version C (Afternoon) - Bond benchmarks

CFA Level III Fixed Income
#1

In the Chesepeake vignette in CFAI mock exam version c, why is this statement wrong “Market value risk should be similar for the portfolio and benchmark. The longer the duration, the greater the total return potential because rates are low now and the yield curve is so steep”

This is the answer- “Although market risk should be comparable for the portfolio and benchmark index, given a normal upward-sloping yield curve, a bond portfolio’s yield to maturity increases as the maturity of the portfolio increases. Because a long duration portfolio is more sensitive to changes in interest rates, a long portfolio will likely fall more in price than a short one.”

I don’t understand this. Can someone please explain?

#2

rates are so low now so it’s likely to increase… what is duration? it measures the sensitivity of the bond price to change in interest rate. so because of interest rates are so low now, the long duration bonds will fall more than short ones in case of interest rate spike/yield curve shift upwards. (the statement say returns… that is true if interest rates are likely to fall)