Textbook, pg 59: “Short-term and long-term yields go up, while the six-year (mid) yields go down. This type of twist is named a “positive butterfly””.
Textbook, pg 207: “In a positive butterfly, the two ends of a curve move downward and the middle of the curve moves upward.”
Looks like two complete opposite definitions. Can someone please explain if these are two different butterflies? Thanks.
Different readings, different authors, different definitions.
It’s stupid.
E-mail CFA Institute (info@cfainstitute.org) and ask them for a clarification.
ok…sure…But its in the same reading…
Apologies. U were right. Its in different readings.
I have sent them an email.
That’s allowed to happen only once a week.
You got lucky.
They asked me to submit it in the errata link…