1. Use the following statements to answer questions 49-50. Statement M: In a rising interest rate environment, an MBS holder should be concerned about contraction risk. Statement N: Bottom-up credit strategies can usually produce greater portfolio returns than top-down strategies. Statement O: Conditional correlation means that in down markets, correlation of returns decreases. Statement P: Free cash flow (FCF) is generally more important than company-reported profitability for bondholders. Which statement is correct? A. Statement O B. Statement P C. Both statement O and P D. Neither statement