Which of the following statements regarding the term structure of interest rates is least accurate（）
A. Under the market segmentation theory, a flat yield curve is likely to become positively sloped if the demand for long-term bonds exceeds supply and if the supply of short-term bonds exceeds demand.
B. Forward interest rates are the best estimates of future short-term interest rates under the pure expectations theory.
C. The observed yield curve likely contains elements of liquidity preference, market segmentation, and expectations theories.
参考答案：A
解析：
The market segmentation theory states that the shape of the yield curve is determined by the supply and demand for bonds within certain market segments. If the demand for long-term bonds exceeds supply, prices will be forced up and yields down. Hence a large demand for long bonds could force a downward-sloping yield curve.