As weโ€™ve seen in the article on duration, the duration of a bond (whether Macaulay duration, modified duration, or effective duration) is not constant; amongst the factors that cause (all types of) duration to change is the bondโ€™s yield to maturity (YTM). Because duration changes with YTM, using only a bondโ€™s (or bond portfolioโ€™s) modified […]

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