题目：Why are funded investors who borrow short term interested in a LIBOR yield curve rather than the Treasury YC.

我的回答：The LIBORs are interest rates paid on CDs for one bank to borrow funds from other banks in London interbank market. These CDs are globally recognized (therefore nearly default-free) and have maturities ranged from overnight to five years. Such features make the yield curves of responding LIBORs better risk free rates than the Treasury YCs (maturities ranged from one months to 30 years)  for investors borrowing short term.

书上的答案：A funded investor who borrows short term is interested in the spread above the borrowing cost. Since LIBOR is the global cost of borrowing, a LIBOR yield curve is a more approperiate measure for assessing the potential return than the Treasury YC.

我的疑问是Treasury issues 不也是全球承认的default free吗？我之前认为这道题的重点应该是在于LIBOR代表的期限可以是很短的（overnight），因此对于同期限的债务来说不需要插点，会比Treasury issues（最低是1个月吧，Treasury-bill）更加合适作为短期债务的标准无风险利率吧。